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Use the following diagram to answer the next 3 questions. MC ATC 16 13 MR 100 160 180 210 Quantity 25. The profit maximizing (or loss minimizing) level of output for this firm is 26. The profit maximizing price (or loss minimizing price) for this firm is 27. The profit (or loss) for this firm is SHOW YOUR WORK. 28. TRUE or FALSE A firm with market power is able to sell all of their output at any price they desire. 29. A monopolistically competitive firm has a A. highly or relatively elastic demand curve due to the presence of substitutes. B. highly or relatively elastic demand curve due to a few substitutes. C. highly or relatively inelastic demand curve due to a large number of substitutes. D. highly or relatively inelastic demand curve due a few substitutes. 30. TRUE or FALSE Excess Capacity, one of the inefficiencies of monopolistically competitive firms means that economic resources are often under-utilized. 31. Which of the following is NOT a basic characteristic of monopolistic competition? A. The use of trademarks or brand names among firms to compete. B. Recognized mutual interdependence among the firms. C. Product differentiation among firms selling substitute goods. D. A relatively large number of sellers in this market structure