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Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.\fGiven the profit-maximizing choice of output and price, the shop is making V profit, which means there are V shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. Now consider the long run in which bike manufacturers are free to enter and exit the market. Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. Demand PRICE (Dollars per bike) D mand QUANTITY (Bikes) Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. C] Firms can earn positive prot in the long run. C] Firms are not price takers. C] Price is above marginal cost. C] Price equals average total cost in the long run