The following diagram depicts a firm in a monopolistically competitive market. MC AC $50 48- 45 34- - Demand Marginal Revenue 4 7 111 10 Blue Jeans per Month (in thousands) Based on the diagram above, one can surmise that: new firms will enter the blue jeans industry. O existing firms will exit the blue jeans industry. the industry is in long-run equilibrium. O blue jeans will be produced at minimum average total cost