(Figure: Perfect Competition and Monopolistic Competition in the Long Run) Use Figure: Perfect Competition and Monopolistic Competition in the Long Run. Which statement is TRUE? (a) Long-Run Equilibrium in Perfect Competition (b) Long-Run Equilibrium in Monopolistic Competition Price, cost, Price, cost, marginal marginal revenue MC ATC revenue MC ATC Pc = MCC D - MR - Pc MC MR D Quantity Quantity Oa. Firms in the market structure shown in panel (a) cannot have profits in the long run, but those in panel (b) can, Ob. Both panels show markets characterized by a small number of interdependent firms. O c. Both panels show markets that have many firms. O d. Both panels show markets that produce identical products