Suppose that the products subject to IFAM's support are all sold in an international (world) market and that the market for them was perfectly competitive before the starting of the COVID-19 pandemic (pre-COVID). a) Do you think that the Australian business firms who have participated in this market for a long time were all able to make a strictly positive economic profit pre-COVID? Explain your answer with the help of a graph. b) Now consider the effects of COVID-19 pandemic on the Australian business firms as above. Specifically, assume that the demand for Australian products in the international markets remains the same, but that COVID-19 pandemic resulted in a global supply chain disruption due to higher freight costs and less flights availability. Using a graph, explain these effects of COVID-19 on the output choices and profitability of the Australian business firms (including potential firm entry and exit, if any). c) If the IFAM program helps to lower the marginal cost of production for the Australian business firms, using a graph, explain what would happen in equilibrium regarding firm entry and exit when firms receive the IFAM supports