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I really need help with the graphing and all of the corresponding questions. Thank you! AP CollegeBoard AP Micro conomics Test Booklet Unit 4 Progress

I really need help with the graphing and all of the corresponding questions. Thank you!

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AP CollegeBoard AP Micro conomics Test Booklet Unit 4 Progress Check: FRQ Name 1. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. WataDine is one of a city's many restaurants that serve lunch and dinner in a monopolistically competitive market. Assume WataDine, as a typical restaurant in the city, is currently producing the profit-maximizing output level, and earns positive short-run economic profit. (a) How is monopolistic competition similar to each of the following market structures? (i) Perfect competition Sellers have control over the price of their product, but competition limits how many they are aloud to produce. (ii) Monopoly There is many buyers and sellers that can enter or exit the market. (b) WataDine is currently earning short-run economic profits. Draw a correctly labeled graph for WataDine in short-run equilibrium and show each of the following. (1) The profit-maximizing quantity, labeled QM (ii) The profit-maximizing price, labeled PM (c) Given that WataDine is currently earning short-run economic profits, what will happen to each of the following in the long run? (i) WataDine's economic profit. Explain

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