Question: Please answer also explain the following points. d. What are the characteristics of long-run equilibrium? e. How is long-run equilibrium attained? 14. The following graph

Please answer also explain the following points.

d. What are the characteristics of long-run equilibrium? e. How is long-run equilibrium attained? 14. The following graph shows the long-run average and marginal cost curves for a monopolistically competitive firm: LMC LAC Price and cost (dollars) Quantity 4. Assume the firm is in the short run and making profits. Draw in the demand and marginal revenue curves. Show output and price. b. Now let the firm reach long-run equilibrium. Draw in precisely the new demand and marginal revenue curves. Show output and price. c. Why must MR = LMC at exactly the same output at which LAC is tangent to demand? d. Contrast this firm's output and price in long-run equilibrium with the price and output if this firm was a perfect competitor

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