Question 2 (15 points) Refer to the figure below. a. At what price do competitive firms earn normal rate of return? b. In which price range do competitive firms choose to keep operating at a loss? c. Below what price do competitive firms minimize its losses by shutting down? d. If the price of output is $5, which level of output maximizes profit? e. What is the total revenue which maximizes profit? f. If the price of output is $3, what is your short-run and long-run decisions? Explain.MC ATC 5.70 AVC 5.00 4.00 2.70 2.50 0 100 250 300 340 Units of output