2) In the right-hand graph below, the market supply and demand curves are shown for farm- raised fish (like catfish or tilapia). The left-hand side graph shows the cost curves for one of the many typical fish farms that supplies the market. Sib. 10.00 Individual Farm/Firm 10.00 Farm-raised.Fish Market.... 9.00 9.00 8.00 8.00 MC 7.00 7.00 6.00 6.00 5.00 5.00 -ATC 4.00 4.00 3.00 3.00 200 2.00 100 1.00 0.00 100 0.00 100 Quantity of Farm-Raised Fish (1bs) Quantity of Farm-Raised Fish (1,000s of Ibs) a) If the farm-raised fish market is "perfectly competitive," Use the graphs above to visually show how the movements for the individual firm and the movements in the aggregate market coincide for the path to long run equilibrium. Use the space below to describe in words each step that occurs on the path to long run equilibrium. Be sure to address current price and final price, current profit and final profit, how and why the supply curve shifts, etc. Search