4) Assume a physician is working in a monopolistically competitive market and is making positive economic profits in the short run.

a) draw a diagram illustrating the positive economic profits made by the physician (5 points)

b) will this physician make positive economic profits in the long run? If not, explain why not. (5 points)

c) draw a diagram of the long run equilibrium for a physician working in a monopolistically competitive market (include equilibrium price and quantity of medical care provided, demand curve, MR, and LAC in your graph) (5 points)