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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 Monopolistically Competitive Outcome Profit or Loss PRICE (Dollars per bike) ATC 100 "MC MR Demand o 50 0 150 200 250 300 350 400 450 500 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making profit, which means there are shops in the industry relative to the long-run equilibrium. snow the possible effect of this free entry and exit by snirang the demand curve for a typical Individual producer of Dikes on the following graph. (? Demand PRICE (Dollars per bike) Demand QUANTITY (Bikes) Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. O Price equals average total cost in the long run. O Price is above marginal cost. O Firms can earn positive profit in the long run. Firms earn zero profit in the lona run