The figure at right shows the revenue and cost curves for a typical monopolistically competitive firm in the short run. a. The very elastic demand curve reflects the fact that O A. each firm produces a good for which there are no close substitutes. O B. each firm produces a good for which there are many close, but not perfect, substitutes. MC ATC OC. each firm produces a good for which there are few close substitutes. O D. None of the above. b. The profit-maximizing level of output for the firm on the diagram is D C. At the profit-maximizing level of output, profits are The area in the diagram that represents the firm's profits is MR d. Firms will V the industry until profits Output

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