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? Demand Profit Max Under MC Perfect Comp. Outcome Price, Cost, Revenue ATC MC MR Quantity One day, consumer advocate Skippy Jif discovers that all brands of peanut butter in Nutville are identical. Thereafter, the market becomes perfectly competitive and again reaches its long-run equilibrium. On the previous graph, use the grey point (star symbol) to show the market price in this case and the quantity produced by each firm. Which of the following statements are true for a typical firm in this market given the transition from monopolistic competition to perfect competition? Check all that apply. The price increases. Profit increases. Average total cost decreases. The quantity remains unchanged. O Marginal cost increases