Monopoiistic competition Model (10 total marks) The marginal and average cost curves a rm fading, are drawn as follows: (8) (b) (c) (6) ram W Price my My Use the diagram in the left-hand panel. draw demand curves DIN and d. marginal revenue curve. and the level of the optimal price and quantity for a rm In a long-run no-trade equilibrium. (2 marine) Use the diagram In the right-hand panel. draw demand curves DIN and d. marginal revenue curve. and the level of the optimal price and quantity for a firm in a long-run trading equilibrium for the case of two identical countries. (2 marks) Explain M the two dlagrarns in (a) and (b) are drawn differently. (2 maria) What are the gains from trade, and how can they appear in the difference in the way the two diagrams were drawn? (2 mrks)