Use the following to answer questions:
Figure: Firms in Monopolistic Competition 
-(Figure: Firms in Monopolistic Competition) Look at the figure Firms in Monopolistic Competition. Zero economic profit will be earned if the profit-maximizing price is _____ in panel _____.
Definitions:
Inelastic
Refers to a scenario in which the demand or supply for a product or service is relatively insensitive to price fluctuations.
Price Elasticity
A measure of how much the quantity demanded or supplied of a good changes in response to a price change.
Midpoint Method
A technique used in economics to calculate the elasticity of demand or supply between two points on a curve by using the average of the initial and final quantities and prices.
Smoking Reduction
Efforts or strategies aimed at decreasing the prevalence of tobacco smoking among individuals or populations.
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