Homework 8.1 (Ch 14) 100 0 90 Supply (10 firms) 80 70 60 Supply (20 firms) PRICE (Dollars per pound) 50 40 Supply (30 firms) Demand 30 20 10 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 20 firms in this market, the short-run equilibrium price of rhenium would be $40 per pound. At that price, firms in this industry would . Therefore, in the long run, firms would the rhenium market. Because you know that competitive firms earn zero economic profit 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 _ firms operating in the rhenium industry in long-run equilibrium True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. True O False