MCI $ per unit ATG AVC 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 Quantity of Output (q) Consider the cost curves of a firm in a perfectly competitive market shown above. Suppose all firms in this industry face the same costs. If originally the market price is $18. Which of the following accurately describes the transition to long run equilibrium? Firms will exit this industry and the market price will decrease Firms will exit this industry and the market price will increase New firms will enter this industry and the market price will increase New firms will enter this industry and the market price will decrease