Use the following graph for a monopolistically competitive firm to answer the next question.Dollars (5)22 32010 2035 45 50Quantity of Output (Units)This monopolistically competitive firm is earning economic profits in the short run andATCMultiple Choicewill continue to have economic profits in the long runwill earn only normal profits in the long runthis will cause its demand curve to shift to the right in the long run.this will cause its cost curves to rise in the long run

Monopolistic competition is defined as the market structure in which there are several huge sellers,…

Use the following graph for a monopolistically competitive firm to answer the next question. 22 5522 Dollars (5) 10 20 35 45 50 Quantity of Output (Units) This monopolistically competitive firm is earning economic profits in the short run and Multiple Choice will continue to have economic profits in the long run will earn only normal profits in the long run this will cause its demand curve to shift to the right in the long run. this will cause its cost curves to rise in the long run