(b) According to the diagram, if this firm is operating in the short-run (SR), which price (at least) must the firm receive for its output, to enable it to continue to produce? Provide a brief explanation that supports the price you have identified. Use the economic theory, reasoning and terminology studied in Weeks 5 and 6. (4 marks) (c) Assuming all firms in this industry face the same set of costs curves as those in the diagram, identify the long-run equilibrium price these firms will receive for their output. Provide a brief explanation that supports the price you have identified. Use the economic theory, reasoning and terminology studied in Weeks 5 and 6. (4 marks) Cost ($) P3 P P1 D 4 Quantity of Output. B