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. 500 450 Monopolistically Competitive Outcome 400 350 300 ATC Profit or Loss 250 PRICE (Dollars per bike) 200 150 100 50 MC MR Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes)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. O Demand PRICE (Dollars per bike) Demand QUANTITY (Bikes) Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Price is above marginal cost. Price equals average total cost in the long run. Firms earn zero profit in the long run. O Firms are not price takers