answer this question:

4. (16 points) On the axes below, show how a perfectly competitive, constant cost industry responds to an increase in market demand. Draw the industry initially in long run and then graph and label the diagram, indicating the short run and the long run equilibrium responses, Make sure to report the price, industry quantity, typical firm quantity, whether firms make an economic profit or loss, and any change in the number of firms in the industry. Firm Diagram Industry Diagram S/unit Quantity Quantity Initial LR EQ Short Run EQ Long Run EQ Price Firm Quantity Industry Quantity Profit/Loss 111 111 11 #offices