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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 Profit or Loss PRICE (Dollars per bike) 250 200 150 100 8 400 450 QUANTITY (Bikes) *Other.txt - Notepad File Edit Format View Help The other choices are: Given the profit-maximizing choice of output and price, the shop is making negative * profit, which means there are Blank1: positive, zero an equal number of * shops in the industry relative to the long-run equilibrium. Blank2: fewer, more 100% Windows (CRLF) UTF- 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. Firms earn zero profit in the long run. Price is above marginal cost. O Price equals average total cost in the long run. Firms can earn positive profit in the long run