If a monopolistically competitive firm is earning positive profits in the short-run, then we would expect more competition to enter the industry assuming there are no barrier to entry in the market. Select one: O True O False

A monopolistically competitive firm in a long-run equilibrium will likely produce which of the following?  A. a technically efficient amount of outputB. less than a technically efficient amount of output and less than an allocatively efficient amount of outputC. more than a technically efficient amount of output but less than an allocatively efficient amount of outputD. an allocatively efficient amount of production.E. less than a technically efficient amount of output and more than an allocatively efficient

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Dear sir or madam, hope you are well. I have a question about economics.Using appropriate diagrams, show a monopolistic and a monopolistically competitive firm whentheir respective markets are in long-run equilibrium. Outline the long-run outcomes in eachmarket with particular attention given to economic profits generated by each firm and themaximisation of total surplus associated with the market.