Consider a competitive industry composed of identical firms. Assume that the market is in a long-run equilibrium. The long-run total cost of each firm is given by TC = 0 if q = 0 and by TC q2+1 if q>0. Let the aggregate demand be given by Q: that this is a decreasing-cost industry. = (a) What is the long-run equilibrium output of each firm? (b) What is the long-run equilibrium price? (c) What is the long-run equilibrium number of firms? = 100 10P. Assume (d) Explain how a rise in output demand would affect the long-run equilibrium price.