Respond to the following questionts:

Q1) Describe how monopolistic competitive behavior is like or different from perfect competitive behavior in the long run. Please state your position and support it using content from the text and outside sources. Remember to cite your outside sources.

Q2)Using an appropriate graph obtained from google images show and explain why monopolistic competitive firms can only make zero economic profits in the long run?

Q3) Assume that a monopolistcompetitive firm is making normal profits.

a. Compute the firm's total cost if its revenues are $100 million?

b. Compute the firm's implicit costs if its normal profits are $20 million?

c. Is this firm operating in the short or long run? Please explain?

d. Provide examples of two monopolistic competitive businesses in your hometown? In what ways do these businesses exemplify the monopolistic competitive model?

Q4)Use the graph below to answer questions a-g: