The gure below depicts a monopolistical ly competitive fIrm operating in the short run. Label the diagram with the items listed to the right of the gure. You will have to decide whether the rm is ma king a prot or a loss. Prot- maximizing price Prot- maximizing output Average total cost 6)) Prot 9 Part 2 (3 points) (a) The firm depicted in Part 1 above earns an economic (b) As a result, firms will the market. (c) This trend will continue until profits in the long run are