Based on the table, sort each case into the appropriate category.
1
2
3
4
5
6
7
Nonsense: The information is inconsistent and could not be correct or is lacking critical information for decision making.
This firm should shut down in the short run because its revenue does not exceed variable cost.
This firm should exit in the long run because its revenue does not exceed total cost.
This firm should operate by reducing production and increasing price.
This firm should operate by increasing production and reducing price.