Krunchy Krisp is a cereal brand in a very competitive industry. Its average total cost is U-shaped. Fixed costs are $10. The minimum of average total cost is $3/unit when the production level is 10 units. a) The market price is $2.20. Discuss the industry's condition and the probable evolution of the market into the long-run. Supplement your discussion with the relevant diagramming. b) What will be the impact(s) of an increase in the price of a key ingredient be? Add this scenario to the diagram(s) used above