Is this turn a perfectly competitive fun]. or a monopoly? How can you tell? . In the current situation: how much output will you produce and what price will you charge? Are you currently making any prot? Assume the price ofthe product falls to $5. Will you be making a prot or loss? If you are taking a loss= will you still produce? If so= why? lt'not= why not? . Assume the price falls to 31.50.1331 you be making a prot or loss? Ifyouare taking a loss: will you still produce? Ifso: why? Ifnot: why not? Is this the short run or the long run? How can you tell? Ifthis is the short run: what do you expect to happen in this industry in the long run? 3. Use the diagram below to answer the following questions (5 points) Assume you work for a firm that has the cost functions and faces the demand curve given below. Given this, answer the following questions. P MC ATC AVC $10 DF $7.50 52 50 75 100