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Please answer the following questions ( no need explanations) Refer to the following graph, which shows the cost and revenue curves for a profit- maximizing

Please answer the following questions ( no need explanations)

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Refer to the following graph, which shows the cost and revenue curves for a profit- maximizing monopolisticallv competitive firm. Con Tau] Cm: a _ Mil-lint] Aver-l: Is the firm in short-run or long-run equilibrium? 0 Short run, because price is greater than marginal cost 0 Short run, because the firm is earning a positive economic profit 0 Long run, because price is greater than average total cost 0 Long run, because marginal revenue is not equal to zero 0 Either short run or long run, because the firm is producing where marginal revenue equals marginal cost Refer to the following diagram of a natural monopolist. The firm shown in the diagram above qualifies as a natural monopolv because 0 the demand curve is downward sloping O the demand curve lies above the marginal revenue curve 0 the average total cost is decreasing in the relevant range of market demand [3] the firm can maximize profit with anv output level it chooses O marginal revenue is positive at the profitmaximizing output level

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