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Refer to Figure Z . Use the figure above to answer the following questions. A . What is the profit maximizing output level and price?

Refer to Figure Z. Use the figure above to answer the following questions.
A. What is the profit maximizing output level and price? How did you decide?
B.What is the area that represents the firm's profit or losS?
c. If the diagram represents a typical firm in the market, what is likely to happen in the long run? Explain in no more than 2-3 sentences.

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