2. Assume that the ongoing market price is $3.50. What is the profit-maximizing level of output for this firm? 3. Assume that the ongoing market price is $3.50. What profit, or loss, is this company experiencing? 4. What would happen with the number of firms in this market if the ongoing market price is $3.00? 5. What would be the economic profit, or loss, for this firm if the fixed cost increases by $1.50 and the market price remains at $3.50? 6. What is the long-run equilibrium price for this company? 7. What is the shut-down price for this company