Name Module 67 Featured Worksheet 1 Monopolistic Competition in the Short Run 1. Draw a correctly labeled graph of a monopolistically competitive firm earning a profit in the short run in the space below. Be sure you show the profit maximizing price and quantity on your graph. Will firms enter or exit this industry? Explain. 2. On the back of this page, draw a correctly labeled graph of a monopolistically competitive firm earning a loss in the short run. Be sure you show the profit maximizing price and quantity on your graph. Will firms enter or exit this industry? Explain