Place mon comp outcome on graph and mn unit cost and answer the questions below

100 - -+ Mon Comp Outcome as Min Unit Cost PRICE (Dollars per razor) 0 1o 20 30 40 so so 70 so so 100 QUANTITY (Thousands of razors) Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that V at the optimal quantity for each rm. Further, a monopolisticaily competitive firm's average total cost in longrun equilibrium is V the minimum average total cost. True or False: This indicates that there is excess capacity in the market for razors. True False Monopoiistically competitive markets may be socially inefcient due to the presence of too many or too few rms. The presence of the '7 externality implies that there is too little entry of new firms in the market