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3. Consider the following model for a single firm in perfect competition market, and the market supply and demand. a. Use the graph to

3. Consider the following model for a single firm in perfect competition market, and the market supply and demand. a. Use the graph to identify the firm's equilibrium price and quantity. (1 point) Price Price *ARARSI LAK RRER 416182322422 b. What is the firm's profit at this level? Highlight the area using the above graph. (2 points) MoDay c. What will occur in the long-run for this market? Show this on the new graph below. Explain briefly what will happen to the profit. (2 points) ATC 24410121416182022242230 Mions of Bay Mors of BeiDay

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