[Steps Shown] Examine the short-run graph above for a monopolistically competitive firm What is the profit-maximizing level of output? What price will be


Question: Examine the short-run graph above for a monopolistically competitive firm

  1. What is the profit-maximizing level of output?
  2. What price will be charged in the short-run?
  3. How much are short-run total revenue, total cost, and total profit?
  4. Describe what will happen to this firm in the long run.

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