Assume that the MBA education industry is constant-cost and is in long-run equilibrium. 1. Discuss in detail what long-run equilibrium means. Demand increases, but due to strict accreditation standards, new colleagues are not permitted to enter the market. Analyze the determination of a new long-run equilibrium, showing the effects with the aid of graphs for a representative school as well as for the market as-a-whole. Are there any efficiency issues with the existence of accreditation standards? 2. Explain, how your analysis change if MBA degrees re produced in an increasing cost industry. 3. Going back to the constant cost case, how would your analysis change if corporations started MBA degrees in house? Part 1 is worth 50% and parts 2 and 3 each 25%. Page limit, two pages and one page for supporting graphs.