During the COVID-19 many industries have an on-line presence to sell their goods and services to the customers due to social distancing and travel restriction regulations. Read the relevant chapter and the link to answer the following questions, applying the theory to real life example:

Using graphs, illustrate and explain (i) short run profit, (ii) short run loss, and (iii) long-run profit maximisation processes and (iv) economic efficiency for internet industry under perfect competition.