Using the Long Run Average Cost curve for a Monopolistic Competitive firm below answer questions 2a – 2d.       a.  As presented in the long-run profit-maximizing output for the monopolistic competitive firm is:       b.  To maximize long-run profits, the monopolistically competitive firm shown in this graph will charge a price                 per unit of:       c.  As represented in this graph, the maximum long-run economic profit earned by this monopolistic competitive           firm is:

Suppose that a company operates in the monopolistically competitive market for denim jackets. The following graph shows the demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve for the firm. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars per jacket) 100 90 80 50 ATC 30 2 8 8 2 2 2 2 ° 60 MC MR Demand 0 + 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of jackets) Mon Comp Outcome Min Unit Cost (?)

Figure: Profit Maximization for a Firm in Monopolistic Competition 10 Price per pair (S) Marginal cost X 9 8 7 6 4 3 2 1 0 0 10 Reference: Ref 15-2 Average cost 20 50 30 40 Pairs of gloves (in thousands) Demand Marginal revenue 60 70 80 90 100 In the long run, the monopolistically competitive firm with the cost and revenue curves shown in the graph above will be earning

Based on the picture, can you please answer this fast!   The profit-maximizing firm illustrated in Figure 10-1 operates in a monopolistically competitive industry. What is this firm’s total profit equal to? options:   FGAB   OECD   EFBC   OFBD

5. How short-run profit or losses induce entry or exit Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. PRICE (Depar 500 450 350 300 250 300 150 100 MC 50 50 100 ATC MR Demand 150 200 250 300 350 400 450 500 QUANTITY (Scooters) +- Monopolically Comp Profit or Lasa ▼profit, which means there are Given the profit-maximizing choice of output and price, Citrus Scooters is earning sellers in the industry relative to the long-run equilibrium amount. Now consider the long run in which scooter manufacturers are free to enter and…