This question has graphs that you need to construct as part of your answer. Please go to this site to make your graphs: https://www.draw.io/ Start with a basic diagram and add in all the parts needed to make the correct graph for your answer. When you're done, save your work or take a screenshot and then attach the image file to the test question here before moving on. Before you finish, check your work! Are the horizontal and vertical axes labeled correctly? Does every line have a label? Are shifts shown with directional arrows? Did you show changes in equilibrium points by labeling new one and showing changes in levels on the axes? Assume that a profit-maximizing firm in a monopolistically competitive industry is in long-run equilibrium. (a) Draw a correctly labeled graph that shows the profit-maximizing firm's price and output. (b) Assume that the city in which this industry operates eliminates the business license fee (a fixed cost) for all firms in this industry. How does the elimination of the license fee affect each of the following for the individual firm in the short run? Explain your answers. (i) Output (ii) Economic profits