Figure 2 shows the equilibrium position for s monopolistic competition rm. Figure 2 Price [Rf-If} cl. I-.r't||'hat type of the demand curve for monopolistic competition? IEitre a reason. State the equilibrium price and quantity for this rm. At the equilibrium point. calculate the srnount of prot or loss made by this rm. State the type of prot earned by the firm. ls firm operating in the short run or long n.In equilibrium? Justify your answer. om: [mils] (2 points} (2 points} (4 points} (2 points}