Linux: KVM libvirt assign static guest IP addresses using DHCP on the virtual machine

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I am using KVM/libvirt on Linux operating system and how do I assign static IP address using dnsmasq dhcpd server for my default virtual network switch?

By default, an instance of dnsmasq dhcpd server is automatically configured and started by libvirt for each virtual network switch needing it. Each virtual network switch can given a range of IP addresses provided to guests through DHCP. The default networking switch uses dnsmasq server.

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