In the short run, a perfectly competitive firm reaches its shutdown point when the market price (P) satisfies which condition?

Profit maximisation is considered a valid standard objective for a firm under which of the following conditions?

Consider the following statements regarding the Objectives of Business Firms: 1. Profit maximization is considered the traditional objective of firms in economic theory. 2. The sales maximization hypothesis was proposed by William J. Baumol. 3. The growth maximization model was developed by Robin Marris. Which of the statements given above are correct?