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How much profit that firm make at that price and quantity

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Reference no: EM131716481

Question - This figure below shows a monopolistically competitive firm in the short run.

Use the figure to answer the following questions:

2109_figure.png

1. Illustrate the firm's profit-maximizing price and quantity on the graph. What is the profit-maximizing price and quantity for the firm?

2. How much profit does that firm make at that price and quantity?

3. What should happen in the long run?

4. Illustrate the long-run situation of the firm using the graph.

Reference no: EM131716481

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