1. Consider the following diagram: MC ATC A. What is the long ru...

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1. Consider the following diagram: MC ATC A. What is the long run equilibrium price in this market? B. What is the long run equilibrium firm size in this market? (By firm size, I mean how many units will each firm produce?) C. If there are 100 firms in the industry, how much will industry output be? D. Suppose that in the short run, the market price is $4. What is the short run equilibrium firm size? E. Will this lead to entry or exit in this market? F. Suppose that the short run market price is $8. What is the short run equilibrium firm size? G. Will this lead to entry or exit in this market? H. Suppose that market price is $10 and total industry output is 560 units. How many firms are in existence in the short run? Price 1 2 3 4 5 6 7 8 9 10 11 Quantity 11 10 9 8 7 6 5 4 3 2 1

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