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5. Sleek Sneakers Co. is one of many firms in the market for shoes. a. Assume that Sleek is currently earning short-run economic profits. On

5. Sleek Sneakers Co. is one of many firms in the market for shoes.

a. Assume that Sleek is currently earning short-run economic profits. On a correctly

labeled diagram, show Sleek's profit-maximizing output and price, as well as the

area representing profit.

b. What happens to Sleek's price, output, and profit in the long run? Explain this

change in words, and show it on a new diagram.

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