BUSI1083_Assignment_4_Questions_23W - Word Mailings Review View Help Tell me what you want to do Aa AaBbCcl AaBbCcDdE AaBbCcDc AA A Level.. T Normal T YU Body YL Paragraph Styles $Price/cost per unit MC ATC AVC P4 Demand MR Quantity The diagram above shows a monopolistically competitive firm in the long run. Answer the questions below. a. If the firm is currently producing and selling Q1 units, what is the price being charged? b. Using the points displayed on the diagram, name the rectangular area that represents the total fixed cost of production. C. Using the points displayed on the diagram, name the rectangular area that represents the total variable cost of production. d. Using the points displayed on the diagram, name the rectangular area that represents the profit or loss. e. What should the firm do regarding price and/or quantity to minimize its losses? 23.C Mostly sunny SM