a. Why does an individual firm in a competitive market face a perfectly elastic demand curve even though the market demand curve is downward sloping? b. Explain why the industry supply curve is not the long-run industry marginal cost curve. c. Suppose that the inverse supply and demand function for rice are given by: p(q) = 10 -q p(q) = 2+4 Where P is the price of rice in USD MT, and Q is the quantity of rice in million metric tons. Suppose the national assembly has passed a law recently that authorizes a price support program for rice farmers. The price support is set at $ USD/MT. Calculate the impact of the price support program on consumer surplus, producer surplus, government expenditure, and welfare