Consider the following costsof a typical firm in a purely competitive industry. The firmhas no fixed costs (average total cost = average variable cost).

Consider the following costs of a typical rm in a purely competitive industry. The firm has no xed costs (average total cost = average variable cost). Gummy Avmc%::olal Marginal Cost 1 $16.00 2 15 .00 $14 00 3 13.00 9.00 4 18.?5 36.00 5 5?.00 210.00 6 123.50 370.00 a. Given only the information available, whatwoulcl you expect product price to be in the long run? 0 $13.00 0 $9.00 0 $18.75 0 $14.00 b. What would you expect price to be in the short run? 0 $10.00 0 $14.00 0 $12.00 0 $9.00