(15 points) A competitive firm is making a profit in the short run. Answer the following questions: (a) (5 points) Could this be a long-run equilibrium? If yes, explain why. If not, explain why not and the process through which the long- run equilibrium will be reached. (b) (5 points) Why do we say that the competitive outcome is efficient? (c) (5 points) Why do we say that the price that the competitive firm faces is a horizontal line when the law of demand says the demand curve is downward sloping