This figure below shows a monopolistically competitive firm in the short run. Use the figure to answer the following questions: 1.Illustrate the firm’s profit-maximizing price and quantity on the graph. What is the profit-maximizing price and quantity for the firm? 2.How much profit does that firm make at that price and quantity? 3.What should happen in the long run?4.Illustrate the long-run situation of the firm using the graph.I would appreciate to see also explanations for task. Thanks
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