The gure below represents the short-run curves for TK Ltd, a popular Chinese cuisine restaurant. Answer the questions below. Price, Cost '50 950 Quantity a. What market structure do you think TK Ltd is in? Explain using the characteristics of the market structure. (4 Marks) ANSWER a): b. What price does TK Ltd charge and What quantity does the rm produce to maximize prot or loss? (2 Marks) ANSWER b): c. Calculate this rm's prot or loss. (2 Marks) ANSWER c): d. If this is a typical rm in the market, what do you think will happen to market supply and prot for this industry in the long m? Briey explain. (3 Marks) ANSWER d)