Suppose University Cereal operates in a monopolistic competition market and its cost and revenue curves are represented in the figure. Which of the following statements is true at the profit-maximizing production level? A coordinate plane relates price along the vertical axis to quantity along the horizontal axis, and represents two curves and two straight lines. Question 8 options: University Cereal is having a loss since its total cost exceeds total revenue and is in short-run equlibrium. University Cereal is having zero profit since its total cost equals total revenue and is in long-run equlibrium. University Cereal is having positive profits since its total cost is less than total revenue and is in short-run equlibrium. University Cereal is having a loss since its total cost is less than its marginal cost and is in long-run equlibrium