Assume that the print newspaper market is in long-run equilibrium. Using two graphs—one for the market and one for a typical price-taking newspaper firm

(say, the L.A. Times)—show the impact that the introduction of online news sources has on

(a) equilibrium price and the quantity of print newspapers sold in the market, and

(b) an existing firm’s quantity and economic profits in the short run. Indicate what will happen in the long run

(c) in the print newspaper market;

(d) to the existing firm’s quantity and profits; and

(e) to the print newspaper layout editors’ labor market.