\fIf there were 10 rms in this market, the short-run equilibrium price of rhenium would be per pound. At that price, rms in this industry would V .Therefore, in the long run, rms would V the rhenium market. Because you know that competitive rms earn v economic prot in the long run, you know the long-run equilibrium price must be per pound. From the graph, you can see that this means there will be V rms operating in the rhenium industry in longrun equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative aooounling prot. 0 True 0 False HW: Firms in Competitive Markets Assignment Consider the competitive market for rhenium. Assume that no matter how many rms operate in the industry, every rm is identical and faces the same marginal cost {MC}, average total cost {ATE}, and average variable cost (ave) curves plotted in the following graph. 5'5 ATC 24 COSTS (Dollars per pound) 16 AVG M 035912151321242730 QUANTITYr (Thousands of pounds]