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11. Profit maximization of a seller in a monopolistically competitivemarket Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average cost curve (AC). 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. 500 450 400 Monopolistically Competitive Outcome 350 300 Profit or Loss PRICE (Dollars per bike) 250 200 150 AC 100 MC MR Demand 50 100 0 150 200 250 300 350 400 450 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is earning profit, which means there are `shops in the industry than in long-run equilibrium.Demand 400 480 500 negative positive zero price, the shop is earning profit, which means t re are than in long-run equilibrium.MC MR Demand 150 200 250 300 350 400 450 1500 an equal number of QUANTITY (Bikes) fewer more izing choice of output and price, the shop is earning shops in the industry than in long-run equilibrium