For the monopolistic competitor, which of the following is INCORRECT? Select one: a. If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry. b. The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. c. Because the firm is not a perfect competitor, its demand curve slopes downward. d. The marginal revenue curve is downward sloping and lies below the demand curve