Option 1 As always, make certain you label all axes and curves. Slothqo is a rm in a perfectly competitive, constant-cost industry. Its total cost function is shown below: , ' 1 Unit Total i s Cost ' a 0 $5 i $6 $10 $15 __._....W_7 $40 m_.4_' 6 $60 1 2 3 4 $24 7 (a) What is .S_l_oth_t;9:s marginal cost for its 6th unit? (b) What does it mean to say _S_l_oth_qg is a "price-taker?" (c) Assume the market price is $4. What is _S_l_<_ prot-maximizing or lossminimizing level of output explain. based on your answer to part what is the value lqthqgjs economic prot loss using two completely labeled side-bywside graphs illustrate how market sets short-run demand for _s_1_ch_q9. perfect competition model not prior data. label equilibrium price p6 and quantity qt. _s_l_oth_c_p qr. assume that lothgo earning normal prot. shortrun effect an increase in from new pez q02. lothqo qn. shade area lothgojs loss. would happen this industry long run lothggjs if it stays draw a perfectly competitive individual rm experiencing losses will unpact losses. be sure graphs.>