Use the following to answer questions:
Figure: The Profit-Maximizing Firm in the Short Run 
-(Figure: The Profit-Maximizing Firm in the Short Run) Look at the figure The Profit-Maximizing Firm in the Short Run. If the market price is P4, the firm will produce quantity _____ and _____ in the short run.
Definitions:
Perceptual Set
A mental predisposition to perceive one thing and not another, influenced by expectations, emotions, and experiences.
Difference Threshold
The minimum difference in stimulation that a person can detect 50 percent of the time, also known as the Just Noticeable Difference (JND).
Absolute Threshold
The smallest level of a stimulus that can be detected by the senses, such as the lightest touch or quietest sound perceivable.
Absolute Threshold
The smallest level of stimulus that can be detected by a sense (hearing, sight, touch, etc.) at least 50% of the time.
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