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Graph 2 below illustrates a firm that produces and sells widgets. Use the graph to answer the following questions (6 marks) Graph 3 A Price

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Graph 2 below illustrates a firm that produces and sells widgets. Use the graph to answer the following questions (6 marks) Graph 3 A Price B P1 C E P2 D 92 91 Quantity a. Identify the curves marked A, B, C, and D (2 marks) A B C D )... b. Identify the market structure in which the firm is operating and give evidence from the graph to support your answer (1 mark) c. Describe the situation faced by this firm, as illustrated in Graph 2

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