Identify which of the following diagrams correctly represent each of the circumstances listed below: a) A private monopoly making economic losses in the short run.b) A firm in a perfectly competitive market making an economic profit in the short run.c) Long-run equilibrium for a firm in a monopolistic competitive market.

Price ATC Price and MC and Cost Cost MC ATC P ATC D = MR P= ATC D MR Q Quantity Q Quantity Figure 1 Figure 2 Price ATC Price ATC and MC and MC Cost Cost ATC P ATC - - P D = MR D MR Q Quantity Q Quantity Figure 3 Figure 4 Price and Cost Price and Cost MC ATC P P= min ATC D = MR D MR MR Quantity Q Quantity Figure 5 Figure 6