5. Short-run equilibrium Consider a perfectly competitive market for wheat in San Francisco. There are 150 firms in the industry, each of which has the cost curves shown on the following graph: \fThe following graph shows the market demand for wheat. 1. Use the orange points (square symbol) to plot the shortrun industry supply curve for the wheat industry. Specically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Fiot your points in the order in which you would like them connected. tine segments will connect the points automatically.) 2. Place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both axes. ,1 0 0 750 1500 2250 3000 3750 4500 5250 6000 6750 7500 some firms will exit QUANTITY (Thousands of bushels) firms will neither enter nor exit some firms will enter At the current short-run market price, firms will in the short run. In the long run, the market given the current market price