[Solved] The figure below depicts a firm in monopolistic competition. a) Find the profit maximizing price, quantity, and profit earned

The figure below depicts a firm in monopolistic competition.

a) Find the profit maximizing price, quantity, and profit earned. Write you answer below and explain how your found it.

b) Explain whether this firm is in the long run or short run and how you know.

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Answer to The figure below depicts a firm in monopolistic competition. a) Find the profit maximizing price, quantity, and profit earned…..