A 2017 story described the launch and success of Instant Pot, the market leader in multifunction electric cookers: "...(Robert) Wang recruited two other engineers and spent 18 months and $350,000 of his savings developing a high-tech device that would combine pressure-cooking, slow-cooking, sauting and other common cooking functions in a single appliance... ."

The most notable innovation was "a group of sensors that keep the cooker from overheating or exploding under pressure."

In December 2017, Inc. reported that the Instant Pot was "consistently the top-selling kitchen and home appliance on Amazon. Arguably, it could very well be the most successful product on Amazon that isn't actually produced by Amazon itself."

In a follow-up in August 2018, Inc. reported about a rival company: "...Crock-Pot now has a new, similarly featured but lower-priced product, called the Crock-Pot Express, that is positioned for a head-to-head competition with the Instant Pot-both on Amazon and elsewhere." Today there are several competitors to Instant Pot, so the company's technological innovations do not appear to have posed a significant barrier to entry.

Suppose we consider the current market for multifunction electric cookers to be in a short-run perfectly competitive equilibrium, with the current price above the minimum of the average total cost curve, so that incumbent firms are making economic profits. Given this, what can you predict will happen in the long-run, assuming production technology (i.e., the average total cost curve for each firm) and the market demand curve stays the same?

(a) Will the market price go up, go down, remain the same, or can't be determined?

(b) Will the market quantity go up, go down, remain the same, or can't be determined?

(c) Will the number of firms producing in this market go up, go down, remain the same, or can't be determined?

(d) Will the profits of each firm in the market go up, go down, remain the same, or can't be determined?