Question

Short run and long run equilibrium under monopolistic competition

Answer 1

in short run firm can achieve Super normal profit
normal profit
and minimum loss

(Super Normal Profit )
TR > TC
AR > AC

(Normal profit)
TR = TC
AR = AC

(Minimum Loss)
TR < TC
AR < AC

and in long run monopolistic competition firm can only achieve "Normal Profit"

TR = TC
AR = AC