(Ch 14) PRICE (Dollars per pound) UU 72 64 56 48 40 32 24 16 8 co 0 0 Demand 120 equilibrium. 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) Supply (10 firms) If there were 30 firms in this market, the short-run equilibrium price of ruthenium would be $ would Therefore, in the long run, firms would True Supply (20 firms) O False Supply (30 firms) Because you know that competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be per pound. From the graph, you can see that this means there will be firms operating in the ruthenium industry in long-run $ per pound. At that price, firms in this industry the ruthenium market. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. 4