Question: a.) Identify the initial short-run equilibrium of a monopolist competitive firm. At the equilibrium, what is (i) Price? $ _____ (ii) Output? ______ units (iii) Unit profit? $ ______ (iv) Total profit $ _____b.) Identify the later long-run equilibrium of the same firm. In long-run equilibrium, what isa.) Identify the initial short-run equilibrium of a monopolist competitive firm. At the equilibrium, what is (i) Price? $ _____ (ii) Output? ______ units (iii) Unit profit? $ ______ (iv) Total profit $ _____b.) Identify the later long-run equilibrium of the same firm. In long-run equilibrium, what is (i) Price? $ ______ (ii) Output? ______ units (iii) Unit profit $ _____ (iv) Total profit $ ______Show transcribed image textTranscribed image text: 4- Refer to the graph below: Price or Cost (dollars per unit) 18 16 14 12 10 8 9 4 2 MC X MR MR Initial Demand Later 8 10 12 14 16 18 0 2 4 Later 6 ATC Demand initial Quantity (units per period) Please use whole number only for your answers. Do not add $ signs.
