5. Suppose a market equilibrium price occurs at $8. Now, consider total cost and total revenue single firm in this market given in the following table. Quantity 0 1 2 3 4 5 6 7 Total Cost $8 9 10 11 13 19 27 37 Total Revenue $0 8 16 24 32 40 48 56 a. Why does the information in the table above indicate that this firm is likely par perfectly competitive market? (stot TSYS DA ten atua 10 b. How much will this firm produce? Briefly explain. c. Is the industry likely in a long-run equilibrium? Briefly explain