Question: Could you please help me with these questions?Thank You 3. Suppose the firm depicted below is in a monopolistically competitive industry: MC ATC D a.

Could you please help me with these questions?Thank You

3. Suppose the firm depicted below is in a monopolistically competitive industry: MC ATC D a. How much output does this profit maximizing firm produce? b. At what price does this profit maximizing firm sell? C. Is this industry in long run equilibrium? Why or why not. d. What long run adjustment, if any, will occur in this monopolistically competitive industry? Discuss firm Demand, Price, Quantity, and Profits. Explain. 4. The graph below represents a monopoly (a single-price monopolist who profit-maximizes) with constant marginal cost (assume fixed costs are zero). a. What are the firm profits? Show calculation. b. Under the monopoly, how much consumer surplus is created? Show calculation. c. If this industry were competitive what would price and output be? d. Does the monopoly benefit or harm society? How do we measure this? Show the calculation and interpret the result

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