GoodWis produced in a competitive industry with increasing costs of production. The figure below shows how a typical firm's long-run average cost curve shifts upward as industry output of goodWexpands. With 50 firms in the industry, each firm faces an identical long-run average cost curve given byLAC. With 80 firms in the industry, each firm faces an identical long-run average cost curve given byLAC'. And with 120 firms in the industry, each firm faces an identical long-run average cost curve given byLAC".

When there are 80 firms in the industry in long-run competitive equilibrium, total industry output is ____________ units of good W and the long-run marginal cost (LMC) of producing the last unit of good W is $_________.

• 600; $0
• 600; $10
• 48,000; $10
• 96,000; $16
• None of the choices are correct.