Suppose that a firm produces polo shirts in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Ne place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars per shirt) 100 90 80 40 30 20 10 0 MO 0 10 True ATC MR 20 30 50 60 70 80 90 100 QUANTITY (Thousands of shirts) 40 O False Demand Mon Comp Outcome Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity for each firm. Furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium is minimum average total cost. Min Unit Cast True or False: This indicates that there is a markup on marginal cost in the market for shirts. at the Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the

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