Problem
Draw a downward-sloping demand curve and the corresponding marginal revenue curve for a monopolistically competitive firm. Add a marginal cost curve and an average total cost curve so that the firm is in long-run equilibrium. Identify the price it would set and the quantity it would choose to produce. Add a demand curve the firm would face if it is in a perfectly competitive market and earning zero economic profits. Identify the price it faces and the quantity it would choose to produce.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.