c. What is average variable cost? (Show your work) (1 point) 3. Consider the following model for a single firm in perfect competition market, and the market supply and demand. a. Use the graph to identify the firm's equilibrium price and quantity. (1 peint) b. What is the firm's profit at this level? Highlight the area using the above graph. (2 points) c. What will occur in the long-run for this market? Show this on the new graph below, Explain briefly what will happen to the profit. (2 points)