Economics given the profit maximizing choice for the output and price the shop is making - profit, which means there are - shops in the industry related to long run equilibrium? which of the following statements are true about both monopolistic competition and monpolice ? 5 . How short-run profit or losses induce entry or exit Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). 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, (?) Monopolistically Competitive Outcome ATG Profit of Loss PRICE (Dollars per take) Demand 150 200 250 800 390 408 450 8 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making negative " profit, which means there are shops in the Industry relative to the long-rum equilibrium.Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. Demand PRICE (Dollars per bike) QUANTITY (Bikes) Which of the following statements are true about both monopolistic competition and monopolies? check all that apply. @) Firms earn zero profit in the long run. Price is above marginal cost. ) Price equals average total cost in the long run. Firms are not price takers