Question: Please answer while providing explanations Use the perfect competition diagrams below to answer the following questions Firm A Firm B Firm C MC MC MC

Please answer while providing explanations

Use the perfect competition diagrams below to answer the following questions Firm A Firm B Firm C MC MC MC ATC ATC Price p* Price Price ATC p* p* Output QA Output Output QB QC a) Identify whether each firm is making profit, breaking even, or taking loses b) Assuming all firms are in the same industry - is this industry at long term equilibrium? Why or why not. c) When analyzing firms in a perfectly competitive market which cost curve will determine whether a firm will shut down

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