1 point Assume that a profit maximizing plumbing company operating in a monopolistically competitive market is currently in long run equilibrium. a) Draw a correctly labeled graph that shows the profit-maximizing firm's price and output. b) Assume the county in which the industry operates imposes additional licensing fees (a fixed cost) for all firms in the plumbing industry. How do these additional fees affect each of the following for the individual firm in the short run? Explain your answers. 1. Qutput 2. Economic profits