Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. Entire Market Representative Firm 30 MC ATC LAVC Im 4 8 19 Price ($/gallon) Price ($/gallon) O 8 10 12 N O m N Q (thousands of gallons/week) Q (hundreds of gallons/week) In the long run, the equilibrium price will be per gallon, and each firm's profit-maximizing quantity will be gallons per week. $15; 6 thousand $20; 4 hundred $15; 3 hundred $20; 4 thousand