The Tillamook Dairy Cooperative makes cheddar cheese and the market structure of the cheddar cheese industry is monopolistic competition. Suppose that currently each cheese making firm incurs a loss. Draw a diagram for a typical firm to show this short-run situation. Then, in a separate diagram, show what will happen to the typical cheese making firm in the long run. Explain your reasoning. (Hint draw a graph for a firm in a market that has too many firms in it, all of them losing money; then, draw a graph for the surviving firm in the same market after other firms have exited the market due to their losses).