v Dashboard - Antelope Valley Cc X | > Homework (Ch 09) MindTap - Cengage Learning X ng.cengage.com/staticb/ui/evo/index.html? deploymentld=5839622340537210505082758348&eISBN=9781337111560&id=1995945234&snapshotld=3812144& CENGAGE | MINDTAP Q Search this course ? Homework (Ch 09) X 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. (?) A-Z 500 450 400 Monopolistically Competitive Outcome 350 Profit or Loss bongo PRICE, COSTS, AND REVENUE (Dollars per bike) g At 50 400 450 500 QUANTITY (Bikes) C+ Given the profit-maximizing choice of output and price, the shop is earning profit, which means there are shops in the industry than in long-run equilibrium. fewer Now consider the long run in which bike manufacturers are free to enter and exit the market. more Show the possible effect of easy entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. (?)v Dashboard - Antelope Valley Cc X | Homework (Ch 09) MindTap - Cengage Learning X 2% ng.cengage.com/staticb/ui/evo/index.html? deploymentld=5839622340537210505082758348&elSBN=9781337111560&id=19959452348snapshotld=3812144& CENGAGE | MINDTAP Q Search this course ? Homework (Ch 09) X n Show the possible effect of easy entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. (? A-Z E EI Demand bongo PRICE (Dollars per bike) Demand 2 At QUANTITY (Bikes) C+ Which of the following statements are true about both monopolistic competition and monopoly? Check all that apply. O Firms can earn positive economic profit in the long run. O Firms earn zero economic profit in the long run. O Price equals average total cost in the long run. O Price is above marginal cost. Grade It Now Save & Continue Continue without saving