Consider a firm operating in a monopolistically competitive market. We are interested in the long-run equilibrium.

Consider a firm operating in a monopolistically competitive market. We are interested in the long-run equilibrium. Figure 2 below represents the marginal cost (MC)curve for this firm and the demand faced by the firm in the long-run.a) Q* is the output that the firm opts to produce in this long-run equilibrium. Add the marginal revenue (MR) curve to the figure: the placement of the MR curve should be consistent with the fact that Q* is the optimal production output for the firm.b) Clearly indicate in your graph the price P* that the firm will charge to sell Q*. Explain how you find that price using the relevant curves.c) Add to the graph the average total cost curve (ATC).

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