Which of the following is not true in Figure 12.1? Figure 12.1 Graph-There are four curves on the graph, downward sloping demand curve D=P=AR, below it is MR and there are two other curves, AC and MC; AC is a U-shaped curve and so is MC; MC intersects AC at its lowest point and AC is tangent to the demand curve to the left of this point of intersection; AC is above the demand curve except for the point of tangency with the demand curve; MC intersects MR at quantity Q1; vertically above the intersection of MC and MR at quantity Q1 is a point on the demand curve with a coordinate P1 on the vertical axis and at this point AC is tangent to the demand curve Which of the following is not true in Figure 12.1? A monopolistically competitive firm is at a long-run equilibrium. At the profit maximizing level of output costs and revenues are the same. The firm is earning a normal profit. The firm is producing beyond its capacity