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Based on the diagram below, answer the following questions. Price, Cost (RM) 30 28 20 20 0 A 20 25 D C B Quantity

Based on the diagram below, answer the following questions. Price, Cost (RM) 30 28 20 20 0 A 20 25 D C B Quantity a) Identify the curves A,B,C and D. Which type of market is the firm operating in? State you reason. b) Show the calculation for Total Revenue (TR) and Total Cost (TC). d) Based on (b) what type of profit is the firm making? Identify the profit area. e) Identify the type of profit made by this firm in the long run.

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