Suppose a firm in monopolistic competition has the demand schedule shown in the following table. Suppose the marginal cost is a constant $70. How much will the firm produce? Is this a long-or short-run situation? If the firm is earning above-normal profit, what will happen to this demand schedule?

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Price Quantity Price Quantity $100 $ 95 $ 88 $ 80 1234 $70 $55 $40 $22 5698