MicroEconomics University Level

Use the below diagrams to answer the following questions: Dollars per Unit Fromm? ."" Monopolistically Competitive Firm Monopolistically Competitive Firm LRAC Dollars per Unit 24 ........ : . . EMRE 0 8 16 20 26 Output Output What is the short run equilibrium? What is the Total Cost, Total Revenue, and Total Profit at short run equilibrium? What is the long run equilibrium? What is the Total Cost, Total Revenue, and Total Profit at long run equilibrium? A firm is said to have (specific term) when it produces at an output less than minimum efficiency scale. What feature of a monopolistically competitive firm causes it to face a downward sloping demand curve? What feature of monopolistic competition market structure accounts for the profits/losses a firm will face in the long run