Answer:
both I and II
I. P = $80, VC = $180,000, and Q = 2,000
III. P = $11.55, ATC = $15, and AFC = $2
Explanation:
In a perfectly competitive market, businesses will shut down in the short run if the unit price of their products is smaller than the variable cost of producing that product.
I: price is $80 which is less than the variable unit cost $90
II: price $535 which is larger than the variable unit cost $500
III: price $11.55 which is less than the variable unit cost $13 (= $15 - $2)
