9.The figure shows the situation facing Well Done, Inc., a producer of steak sauce.

There is a graph missing and you will find it on question 15

a.What quantity does Well Done produce?

b.

What does it charge?

c.How much profit does Well Done make?

d.If all steak sauce firms have identical cost curves and face identical demand curves, what happens to the number of firms in the market in the long run?

e.In the long run, will the price of steak sauce rise, fall, or not change?