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1.Using the graph
1. Using the graph
above, what is the profit maximizing or loss minimizing output and price?
2. Using the graph above, what is the profit or loss at the profit maximizing or loss minimizing point?
3. What would happen in this market in the long run. Be sure to explain in detail what happens in the market and the firm. What would be the long run price, and output.
4. How, if in the long run there is zero economic profit, do producers stay in business? *(think about the difference between economic and accounting costs and the implications of this.)*
