A monopolistically competitive firm has a total cost curve represented by TC = 350 + 3Q + Q² and a marginal cost represented by MC = 3 + 2Q. The firm faces the demand curve P = 45 -0.5Q. What do we expect to happen in the long run? Firms will exit the industry, but if this firm remains its profits will increase. Additional firms will enter the industry and this firm's profit will decrease. The firm will earn an economic profit in the long run. This firm will sell its product at marginal cost.

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