Assume that a perfectly competitive industry,r is in a shortrun equilibrium as in graph G. And a perfectly competitive firm 's cost curve is shown as in graph b. 2) Industry b) Firm Price 18 D=MR 14 10 (1 Using the above diagrams illustrate hourr a perfectly competitive firm sets its price and quantity. At shortrun equilibrium what is the level of profit/loss of the firm? What happens in the industry in the long run? (4 mark 75-100 words)