Assume that in 2019 the market for warehouse space was in long-run equilibrium. Using a side-by-side diagram, with market on the left and individual (representative) firm on the right, illustrate long-run equilibrium in this market, assuming that it is perfectly competitive.

• Label the initial market supply (S₀) and market demand (D₀) curves and individual firm's ATC₀, AVC₀, and MC₀ curves. (There is no need to include the AFC curve in your drawing.)
• Label the equilibrium price P₀, market quantity Q₀, quantity produced by the individual (representative) firm q₀, and representative firm's profit ₀. If any of these cannot be illustrated in the diagram, clearly state their values.
• Please make sure that you appropriately label all axes in your drawing.