(6) Suppose an economy consists of industry X which is characterized by a fixed cost/constant marginal cost technology, and industry Y which produces a good under a constant returns technology. (a) Using the appropriate diagram, explain why the technology in industry X is inconsistent with perfect competition. What assumptions need to be made so that this technology results in a stable market structure? (b) Using the appropriate general equilibrium diagram, carefully describe the autarky equilibrium of this economy, assuming firms in industry X are making excess profits. If firms do not make excess profits under autarky, explain why the equilibrium of this economy will be at the same point on the production frontier. (c) Even if relative prices remain unchanged, what are the economic gains in industry X when an economy such as this is open to world trade? (d) If industry Y also has the same technology as industry X, what will the structure of trade be when the economy is open and can trade with an exactly similar economy? What assumption is necessary concerning consumer preferences in this type of model