Open the link below to display a graph of a monopolistic competitive firm. monopo1.jpg 1. The profit maximizing output for this firm is 2. In the short-run, this firm will earn $ . (Enter a positive number for profits, a negative number for losses.) 2. In the long-run, this firm will earn $ - (Enter a positive number for profits, a

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A: Below is the edited graph:

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A: The edited graph is as follows:

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.