Perfectly competitive markets There are 10 rms operating in a perfectly competitive industty with a market demand QD = 13 P, where Q; denotes the quantity demanded at price P. Each rm i, i = 1, 10, incurs a total cost T6} = qI-Z/Z + 2ql- + 2 with qi denoting rm i's quantity. 1?) Determine a rm's supply. 18) Determine the market supply. 19) Determine the short-run equilibrium market price. 20) Determine the short-run equilibrium market quantity. 21) Determine a rm's prot at the short-run equilibrium. 22) Given the rms' short-run equilibrium prot found at question 21, the short-run market equilibrium is not sustainable in the long-run. Thus, in the long-run, we will likely observe a) A shi to the right of the market supply because of the entry of new rms and a movement along the market demand; b) A shift to the left of the market supply because of the exit of existing rms and a movement along the market demand; 0) A shift to the right of the market demand and a movement along the market supply; (1) A shift to the left of the market demand and a movement along the market supply. 23) Determine the market price at the longrun equilibrium such that no rm has an incentive to either enter or exit the market. 24) Determine a rm's prot at the long-run equilibrium. 25) The number of rms in the long-run equilibrium is a) 3; b) 3.5; C) 4; d) 4.5; e) 5