Consider that there are 25 identical firms currently in this perfectly competitive market.The current market demand is:

Quantity Demanded : 220,205,190,175,160,145.

Price : 45,55,65,75,85,95

(a)Given the market demand above and industry supply for 25 firms that you have create, determine the short run price, quantity, revenue and profit for the typical firm.

(b)In the long run, explain how the number of firms will change and what will be the long run equilibrium price and output level (Q) in the market?

(c)Suppose all 25 firms were taken over and the market was monopolized by one owner.Explain how your answer to (a) above would now change.