Assume that prior to the outbreak of the coronavirus (Covid-19), the natural gas industry was in Long Run Equilibrium (LRE).

• Using our side-by-side graph methodology (with market on the left and individual firm on the right), graphically depict the market equilibrium P₀ and Q₀, the optimal output of an individual firm representative of the other firms in the industry at this LRE (labeled as q₀), and the individual firm's profit if any (shaded and clearly labeled).
• Provide a brief narrative explaining the setting and the profitability of an individual firm in an LRE (including why there is a certain level of profit in this setting).
• Reminder: Be sure to label all relevant points and axes
• For this analysis, assume the natural gas industry is perfectly competitive, demand is downward sloping, supply is upward sloping, and production technology results in traditional U-shaped ATC and AVC curves.
• Finally, market price is always greater than the minimum of the AVC curve.