1) Consider the table below which illustrates conditions for a firm in an industry characterized as monopolistic competition: q price Total Average Cost Cost 1 176.33 578.33 2 16763 578.63 3 159.74 1-79.23 4 154.03 1-80.03 5 150.98 1-80.98 6 146.23 582.23 7 8 9 142.53 598.53 138.98 784.98 134.53 999.53 10 130.23 1,288.23 Based on what we learned in class about monopolistic competition, how much will this firm produce and sell in the long run? q=1.0 q = 5.0 q = 3.0 q = 6.0 2) Refer back to the previous question. What is the excess capacity in this case? Group of answer choices 3.0 1.0 5.0 6.0