Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4
-Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $75 and is a monopolistically competitive firm. If this firm is attempting to maximize profits, the firm's profit is
Definitions:
Coase Theorem
An economic theory that suggests that private parties can solve the problem of externalities among themselves, regardless of the initial distribution of rights, as long as property rights are well-defined and transaction costs are low.
Pollution Reduction
Actions or strategies aimed at decreasing the amount of pollutants released into the environment.
Trade Permits
Licenses required by governments for the legal import or export of certain goods, services, or commodities.
Total Cost
The overall expenditure involved in generating products or offering services, comprising both unchanging and adjustable expenses.
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