The graph shown displays the cost curves for a firm in a perfectly competitive market. Assume that all firms in this market have identical cost structures. Initially the market price is $8. Which of the following statements is true? 
Definitions:
Good Moral Character
A set of qualities that includes honesty, integrity, and ethics, often evaluated in legal or professional contexts.
Approved Medical School
An educational institution recognized by the appropriate governmental or professional bodies for providing quality medical education leading to a degree in medicine.
Administer Anesthesia
The process of giving medications to a patient, either through inhalation or injection, to prevent pain during surgical procedures or other medical interventions.
Nurse Anesthetist
An RN that is certified to administer anesthesia.
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