Consider an industry described as perfectly competitive. a. Currently, a representative firm in this industry is making an economic loss. Using a two part diagram with the market on the left and the representative firm on the right, illustrate this current situation. Clearly mark the market price (Po) and market quantity (Qo) on the market diagram. Also, clearly mark the firm demand (do), firm production (go). and the economic loss on the firm diagram. Be sure to include long run average cost curve (LAC) and long run marginal cost curve (LMC)