$3.$ Now suppose there are $100$ firms in this market, all with identical costs, as given in the table in question $1.$ Fill in the market short$-$run quantity supplied at each hypothetical price in this market:

Price Market Quantity Supplied Market Quantity Demanded

$$350900300$

$$280800400$

$$220500$

$$170600$

$$130700$

$$100800$

$$70900$

$$501000$

$4.$ Fill in the blanks using the data from the three tables you have just filled in:

The equilibrium market price for this good is $\_\_\_\_\_\_\_\_\_,$ and the equilibrium market quantity is $\_\_\_\_\_\_\_\_.$ Each individual firm will produce a quantity of $\_\_\_\_\_\_\_$ and have a $\_\_\_\_\_\_\_\_\_($choose one: profit or loss$)$ of $\_\_\_\_\_\_\_\_\_.$

$5.$ Fill in the blanks with one of the choices in parentheses following the blank:

The situation so far characterizes the short run equilibrium in this market but not the long run equilibrium. We know this because the typical firm in the short run is earning $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_($positive $/$ negative $/$ zero$)$ economic profit. As we move into the long run, $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_($entry $/$ exit$)$ will occur in the marketplace. This will cause the market $\_\_\_\_\_\_\_\_\_\_\_\_\_($supply $/$ demand$)$ curve to shift $\_\_\_\_\_\_\_\_\_\_\_\_\_\_($leftward $/$ rightward$),$ which, in turn, will cause the market price to $\_\_\_\_\_\_\_\_\_($increase$/$decrease$).$ As a result, the demand curve facing each individual firm will shift $\_\_\_\_\_\_\_\_\_\_\_\_($upward $/$ downward$).$