A firm has a total cost curve TC of TC-50 + 2q where q is the quantity of output, a marginal cost of MC=10+4q, an average total cost of ATC=50/q+ 10 + 2q and an average variable cost of AVC= 10 + 2q. 16) If the price is $50, which statement is true? The firm makes negative profits in the short run and shuts down. b. The firm supplies q = 5 units in the short run but would exit in the long run. The firm supplies q- 10 units and the industry is at its long-run equilibrium. The firm supplies q= 10 in the short run, making economic profits in the short run; the industry is not at its long-run equilibrium. d. None of the above