Question: QUESTION 1. Use the following graph for the next set of questions. 20 MC / ATC 16 D 12 MR Price ($) 8 12 16

QUESTION 1. Use the following graph for the next set of questions. 20 MC / ATC 16 D 12 MR Price ($) 8 12 16 Output FYI: Each square = I unit on both axes A1. What is the Output for this firm? B1. What is the Price this firm will charge? B2. Is this price equal to MR? Explain why or why not. C1. What is ATC per unit? D1. Is this firm making a profit or minimizing loss? Calculate the profit or loss. Show your work. E1. Is this market perfectly competitive or imperfectly competitive, such as monopoly or oligopoly? How do you know? F1. Would you describe the demand curve as being price elastic or price inelastic? G1. Is this a typical ATC curve for a firm experiencing long-run economies of scale (such as natural monopoly)? Explain

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