Costume jewelry is produced in a monopolistically competitive market. One producer finds that MR = MC = $3 when output is 700 necklaces. An economist studying this information can conclude that:

a. the producer is charging a price of $3.
b. economic profit is $2,100.
c. the producer charges a price greater than $3.
d. new firms will want to enter.
e. this producer should produce more than 700 necklaces.

c