In the diagram below, a competitive industry is in long-run competitive equilibrium at point A. In this equilibrium, market price is Pr, market output is Or, each firm produces qi, makes zero profit, and the price equals the minimum average total cost. Then price of a complement good (in consumption) decreases. Describe what changes happen in the market in the short run and how the market adjusts back to the long run. Your answer should at a minimum include the following a. What will happen in the short run to: i. The market demand curve? fi. The market supply curve? ili. Market price? iv. Market output? v. The firm's output? vi. The firm's profit? b. What will happen in the long run to the firm and the industry? i. The market demand curve? fi. The market supply curve? ifi. Market price? iv. Market output? v. The firm's output? vi. The firm's profit? Including a diagram depicting the changes with your narrative will ensure that you get maximum points.(a] Initial Condition Market Firm Price Price 1. A market begins in 2. ..with the firm long-run equilibrium. earning zero profit. MC Short-run supply, $ ATC MR. di Demand, D Quantity (market) 41 Quantity (firm)