please help!!!

11-16-2022: How Competitive Markets Work a. Imagine an industry that produces a homogenous product, such as a commodity (e.g., soybeans, machine screws, lumber, etc.) where lots of firms make an essentially identical good b. Assume that this industry is in a sort of long-run equilibrium. It is well established and no major shocks are underway. c. Assume there are no externalities to account for. d. Finally, make the fantastical assumption that all industries in the economy are in this sort of equilibrium. (1) Sketch a market supply/demand model of this industry and label the equilibrium Now focus on one single firm within this industry... (2) What price does this firm receive for any units it produces? (3) For this single firm, what is the demand curve shaped like? Why? (4) What happens if the price this firm receives is lower than its AVC of production? (5) What happens if the price this firm receives is lower than its ATC of production? What might an accountant call this phenomenon? What might an economist call this phenomenon? (6) Recall assumption (d). What can we expect to occur if the price this firm (or several firms in the industry) receive(s) if above its ATC? (7) If we could distribute all of this industry's output (i.e., the market Q) among the individual firms, and we wanted to do so in a way that maximized the efficiency of the market, how would we do it