Consider an industry described as perfectly competitive. a. Currently, a representative rm in this industry is making an economic loss. Using a two part diagram with the market on the left and the representative rm on the right. illustrate this current situation. Clearly mark the market price (P0) and market quantity (Q0) on the market diagram. Also. clearly mark the rm demand (do). rm production (go), and the economic loss on the rm diagram. Be sure to include long run average cost curve (LAC) and long run marginal cost curve (LMC). Explain what is likely to occur in this industry as it transitions from the current short run equilibrium to a long run equilibrium. Briey explain why the rms will enter or exit this industry? What is likely to happen to the market price: increase or decrease'? 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 (P1) and market quantity (Q;) on the market diagram. Also, clearly mark the long run rm demand (oh) and rm production (91) on the rm diagram. Be sure to include long run average cost curve (LAC) and long run marginal cost curve (LMC)