Problem 2 (Monopolistic Competition) MC ATC Price and costs (dollars per unit] D 0 10 20 30 40 50 60 Quantity (units per day) The figure above shows the demand, marginal revenue, and cost curves for a firm under monopo- listic competition in the short run. Assume the firm's total fixed cost is 30 dollars per day. Question a: Compute the firm's economic profit/loss in the short-run. Question b: Explain what will happen in the long run and show the changes in the graph