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The following graph depicts a firm operating in a perfectly competitive industry.a. If market price is currently $15 are the firmâs profits positive or negative?b. If market price is currently $15 should this firm shutdown (in the short run)? Explain you answer.c. If market price is currently $15 is the market in long run equilibrium? If not, what do you expect tohappen in this industry in the long run? Depict this process using a market graph and a firm level graphin long run equilibrium. Explain why your firm graph depicts long run equilibrium.
