In the long run, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, are:

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In the long run, monopolistic competition is characterized by low barriers to entry and exit. As a result, when economic profits are earned in the short run, new firms enter the industry attracted by the possibility of making a profit. As new firms enter, they increase competition, reducing the market power of existing firms, leading to a decrease in demand and economic profits. Therefore, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, will be eliminated due to firms entering the industry in the long run.

In the Long Run, the Economic Profits of Hoot's Chicken