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Use the graph below to answer questions 10-12. TC /TR $ Quantity 10. Highlight the areas of loss for the firm. 11. What is the significance of Point A and Point B? 12. What does the area between point A and point B represent? 13. Suppose the government imposes an excise tax on the production of a good produced in a perfectly competitive market that was in long run equilibrium. Draw side by side market and firm graphs showing the short run impact on the firm and the market.Perfect Competition Use the graph to questions 1-6. Show any work. 0 500 Q 1. Based on the level of output being produced, is this firm maximizing prot? What is the dollar value of the prot being earned by the firm? Use the lettering on the graph to identify the area of prot. 2. How does the demand curve let you know this is a rm operating in perfect competition? 3. What is the signicance of Point E? 4. What is the signicance of Point F? 5. How much additional cost did the 500\"1 unit add to total cost? How do you know? 6. Explain how the market will adjust to return this rm to long run equilibrium. Be sure to discuss the changes that occur in the market and at the rm. Use the graph below to answer questions 7-9. MC 7. Calculate the dollar value of the loss this rm is experiencing. 8. Apply the shutdown rule to this rm. Should it shut down or continue to operate? Explain. 9. Explain how this industry will adjust to restore long run equilibrium. Be sure to identify the changes that will occur in the market and at the rm