Which of the following statements regarding monopolistic competition is not correct? a. In the long-run equilibrium, firms earn zero economic profit. b. In the long-run equilibrium, firms produce a quantity in excess of their efficient scale. Oc. In the long-run equilibrium, price equals average total cost. d. In the long-run equilibrium, firms charge a price above marginal cost. For a monopolistically competitive firm, at the profit-maximizing quantity of output, a. price exceeds marginal cost. b. marginal cost exceeds average revenue. c. price equals marginal revenue. d. marginal revenue exceeds marginal cost. 140 123.33 c. 133.33 units of output. d. between 100 and 133.33 units of output. 90 56.67 Figure 16-9 The figure is drawn for a monopolistically-competitive firm. Price 100 133.33 MR MC ATC Demand Quantity Refer to Figure 16-9. Given this firm's cost curves, if the firm were perfectly competitive rather than monopolistically competitive, then in a long-run equilibrium it would produce a. more than 133.33 units of output. b. less than 100 units of output.