show all your work for the problems requiring calculations.

1.List the characteristics of monopolistic competition.Give an example of an industry that would be considered monopolistically competitive.

2.Are monopolistically competitive firms able to earn economic profit in the long-run?Why or why not?

2.50 MC 2.00 ATC Price and costs (dollars per can] 1.50 1.00 0.50 MR D 200 400 600 800 1,000 1,200 Quantity (cans per day)