What will happen to the number of firms in the new long-run equilibrium?

The following graph shows the cost curves for a perfectly competitive firm. Identify the shutdown po Show more The following graph shows the cost curves for a perfectly competitive firm. Identify the shutdown point the breakeven point and the firms shortrun supply curve. 5. Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know that the industry is in longrun equilibrium? b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry. c. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium? Show less

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Approximately 250 words