From the perspective of a price-taking competitive firm, a. What is the relationship between price, average revenue and marginal revenue? Explain. b. Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are producing and earning (i) negative (ii) zero and positive economic profits. Can this scenario be maintained in the long-run? Carefully explain your answer. c. Using your graph, Identify costs, revenue and the economic losses and determine whether this firm will shut down in the short run, or choose to remain in the market. Explain your