The local Hair Cuttery is a beauty parlor / hair cut establishment operating in a monopolistically competitive industry in longrun equilibrium. The manager notes that each day, not all of the chairs in the establishment are full. One option would be to lower the price of a haircut which bring in more customers and lower average total cost. Draw a graph showing the demand curve, marginal revenue curve, and average total cost. Then, on the same diagram, show what would happen if the Hair Cuttery were to lower the price that it operates to the minimum-cost output. Should the Hair Cuttery lower its price?