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Use the following graph to answer Questions 7-9. The graph illustrates the cost structure of an idealized perfectly competitive seed-producing firm. Marginal Cost 1.20 Cost and Price (5) 0.90 Average Total Cost Average Variable Cost 0.60 0 0 20 40 60 80 100 120 Quantity of Seed Packets 7. If the market-determined price of seed packets is currently $1.20, which of the following is true? a) The firm will be considered "highly competitive" by economists, since it is able to command a good price for its output. b) The market for seed packets is in long-run competitive equilibrium. c) We would expect new firms to enter this market, in order to take advantage of the economic profits. d) We would expect prices in this market to rise in the future, as the exit of firms decreases market supply. c) None of the above. 8. When the market is in long run competitive equilibrium, this firm will produce ... a) no seed packets-it will go out of business b) about 60 seed packets c) about 95 seed packets d) more than 100 seed packets e) You can't tell from this graph. 9. When the market is in long run competitive equilibrium, the price of seed packets will be ... a) $0.60 b) Anywhere between $0.60 and $0.90 c) $0.90 d) Anywhere between $0.90 and $1.20 e) $1.20