The diagram above shows a monopolistically competitive firm in the long run. Answer the questions below.  If the firm is currently producing and selling Q1 units, what is the price being charged?  Using the points displayed on the diagram, name the rectangular area that represents the total fixed cost of production.  Using the points displayed on the diagram, name the rectangular area that represents the total variable cost of production. ) Using the points displayed on the diagram, name the rectangular area that represents the profit or loss.  What should the firm do regarding price and/or quantity to minimize its losses?

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