Consider the perfectly competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MCMC), average total cost (ATCATC), and average variable cost (AVCAVC) curves shown on the following graph.

80 0 72 84 56 ATC 48 40 COSTS (Dollars per kilogram) 32 24 16 AVC MC O 0 0 3 9 12 15 18 21 24 27 30 QUANTITY (Thousands of kilograms)80 -0 72 Supply (20 firms) 84 58 Demand 48 Supply (40 firms) 40 PRICE (Dollars per kilogram) 32 Supply (60 firms) 24 16 118 240 358 480 508 720 838 980 1078 1200 QUANTITY (Thousands of kilograms)