Refer to Figure $16-4.$ Panel $($b$)$ in the set of figures shown is consistent with a firm in a monopolistically competitive market that is in which of the following positions?

It suffers a loss in the long$-$run equilibrium.

It earns economic profits in the short$-$run equilibrium.

It earns economic profits in the long$-$run equilibrium.

It suffers a loss in the short$-$run equilibrium.