kindly watch first the videoclip before answering question

https://www.youtube.com/watch?v=krUu_u63MiA

entitles: From Short-run to Long-run in Perfect Competition

Answers should be relevant to the videoclip,concise and complete to get the maximum points for each question.

1. Explain how an individual firm makes

a) economic profits,

b) breaks-even and

c) loses from short run to long run.

2.What causes the price to increase? to decrease? Explain your answer.

3. What will be the effect to the equilibrium price as firms leave the industry?