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Question #4: Monopolistic Competition [14 Points] Suppose that Pierre's Perfume Shop produces perfume.. The demand, marginal revenue, marginal cost, and average total cost curve are shown below. Assume that the perfume industry is monopolistically competitive. ATC Price ($) 42 MC 35 --1 10 5 MR 0 31 46 59 125 155 230 Ounces (a) What characteristic(s) does a monopolistically competitive industry have in common with a perfectly competitive industry? [2 Points] (b) What characteristic(s) does a monopolistically competitive industry have in common with a monopoly? [2 Points] (c) What level of output would maximize profits for Pierre's Perfume Shop? What price would Pierre Perfume Shop charge for its perfume? [3 Points] (d) Calculate the profit (or loss) if Pierre's Perfume Shop produces at the profit-maximizing output level. [3 Points] (e) Given your answer in Part (d), describe what will happen in the perfume industry as it transitions to the long-run. [4 Points]