Suppose a profit-maximizing firm in a competitive market produces rubber bands. when the market price for rubber bands falls below the minimum of its averagetotal cost, but still lies above the minimum of average variable cost, in the shortrun the firm willa. experience losses but will continue to produce rubber bands. b. shut down. c. earn both economic and accounting profits. d. raise the price of its product.

The food services division of cedar river amusement park inc. is studying the amount families who visit the amusement park spend per day on food and drink. a sample of 40 families who visited the park yesterday revealed they spent the following amounts: see worksheet 1 for data and answer the following questions: a. organize the data into a frequency distribution, using seven classes and 15 as the lower limit of the first class. what class interval did you select? b. what percent of families spent less than $45? c. what percent of families spent $55 or more? d. how many families spent from $65 to 74.99?