Solved: Illustrate the firms profit-maximizing price and quantity, Microeconomics

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Illustrate the firms profit-maximizing price and quantity

Question - This figure below shows a monopolistically competitive firm in the short run.

Use the figure to answer the following questions:

1. Illustrate the firm's profit-maximizing price and quantity on the graph. What is the profit-maximizing price and quantity for the firm?

2. How much profit does that firm make at that price and quantity?

3. What should happen in the long run?

4. Illustrate the long-run situation of the firm using the graph.

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Microeconomics: Illustrate the firms profit-maximizing price and quantity

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Microeconomics: Illustrate the firms profit-maximizing price and quantity

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