4. Short-run supply and long-run equilibrium Consider the competitive market for rhenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AvC) curves plotted in the following graph, plot the short-run indutery supply curve when there are jo firrs. It there were 30 firms in this maket, the ghort-run epalibrium price of rherium would be would - Therefore, n the long run, ferms would per pound N that price, firas in this indenter the itherium inaket. Becasise you know that competive firms earn economic profe an the iong run, vou know the long run equatrium price munt be per pound. Fron the grach, you can lee that this mrans there will be frut pinter