3. You own a firm that produces frozen single-serve meals. There are

Deadweight Loss = (300)(1400) => (150)(700) = $105,0003. You own a firm that produces frozen single-serve meals. There are many other firmsproducing similar, but not identical frozen meals. Your firm’s cost and revenue conditions aredepicted below.P$3$2$110,00020,00030,000Q your frozen meals40,000a. What type of market are you operating in (which market structure)? (1)b. Will your firm produce the allocationficient amount of output? Use the graphabove and explain verbally. (3) vid 13.3