2. Each firm in a perfectly competitive market has the following long run cost function, LRTC= 50q2 - 10q + 200. The market demand function is Q = 2150 - 5P. Assume the market is in long-run equilibrium. a. How much does each firm produce in the long-run? (5 points) b. What is the long-run equilibrium price? (5 points) c. How many firms are there in the long-run? (5 points) d. In long-run equilibrium, all firms in a perfectly competitive industry earn zero economic profit. Why is this true? Why do firms enter an industry when they know that in the long- run economic profit will be zero? (5 points)