b. Explain what is likely to occur in this industry as it transitions from the current short run equilibrium to a long run equilibrium. Briefly explain why the firms will enter or exit this industry? What is likely to happen to the market price: increase or decrease? c. Draw a new diagram (similar to the one you drew for part a) to show the long run equilibrium in this industry. Clearly mark the market price (P) and market quantity (@,) on the market diagram. Also. clearly mark the long run firm demand (d) and firm production (q) on the firm diagram. Be sure to include long run average cost curve (LAC) and long run marginal cost curve (LMC)