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3 1 point Suppose a perfectly competitive firm and a monopolistically competitive firm are operating with cost schedules that are identical. a) Using two correctly labeled graphs, show the long run equilibrium price and output levels for each of the firms. b) How do the long run price and output compare at these two firms? c) What will long run profit be at each firm? Why? d) Based on the equilibrium quantity, specify whether the demand curve is perfectly inelastic, inelastic, unit elastic, elastic, perfectly elastic. How can you tell? B IYA AT B B E X X 12pt Paragraph Previous Next 4:41 PM here to search O W X 3/30/2021 20 Home End Dele