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.