Answer the fоllоwing questiоns, restricting your аnswer to only two lines. 1. If а firm is producing where MR =MC, аnd at that output level TR = $4,500, TC = $5,000, and TVC = $4,000 per week, is the firm making or losing money? How much? Should the firm shut down?(1.5Point). 2. List and explain the two types of profit maximization techniques within perfect competition (1Point) 3. Why don't monopolists charge the highest possible price market demand will bear?(1Point). 4. If a competitive industry expands and higher wages must be paid to attract more workers then what will the long-run supply curve for this industry look like?(1.5Point)