A perfectly competitive industry is made up a a number of identical firms. The market demand and supply are given by:

Qd= 24,000 - 1,000P

Qs= 3,000 + 2,000P

Each individual firm has cost curves given in the short run by:

Revenue and cost (dollars per unit) 8 MC ATC AVC 5 4 W N - 0 10 20 30 40 50 Output (units per day)