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35a. (1 point) What is the profit maximizing or loss minimizing output and price?b. (1 point) What is the profit or loss for the profit maximizing firm?c. (2 points) What would happen in this market in the long run. Be sure to explain in detailwhat happens in the market and the firm. What would be the long run price, and output.d. (1 point) Explain why a firm may continue to produce in the short-run even though theproducer is taking a loss.3. (2 Points) 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.)
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