2. Refer to Figure 1 below. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then at this firm's profit maximizing level of output, the firm will earn an economic of per day. Figure 1 0.35 Marginal Cost 0.30 0.25 Average 0.20 Total Cost Price ($/doughnut) 0.15 0.10 0.05 0 0 10 20 30 40 50 60 70 80 90 Quantity (doughnuts/day) a. profit; $80 b. profit; $8 c. loss: $10 d. loss: $80