Assume that the MBA education industry is constant-cost and is in long-run equilibrium. Discuss what long-run equilibrium means. Now assume that market demand increases, but due to strict accreditation standards, new firms (schools) are not permitted to enter the market. Explain the nature of the original long-run equilibrium then 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. Now explain with a compare/contrast analysis how your analysis change MBA's are produced in an increasing cost industry instead of a constant cost industry. Page limit, one page and one page for supporting graphs