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7. Short-run supply and long-run equilibrium Consider the competitive market for titanlum. Assume that, regardless of how many firms are in the Industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 100 T 90 80 70 50 40 30 20 AVC 10 0 10 20 30 40 0 70 80 0 100 The following diagram shows the market demand for titanium Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms 100 90 Supply (10 firms) B0 70 Supply (15 Srms) 50 Supply (20 fms) 40 Demand 30 20 10 0 0 126 250 376 500 62 760 876 1000 1125 1250 QUANTITY (Thousands of pounds) 40 Supply (20 firms) emand 30 20 10 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 10 firms in this market, the short-run equilibrium price of titanium would be would earn a positive profit . Therefore, in the long run, firms would enter $52 per pound. At that price, firms in this industry the titanium market. Because you know that competitive firms ean_zero economic profit in the long run, you know the long-run equilibrium price must be frms operating in the titanium industry in long-run $44 per pound. From the graph, you can see that this means there will be 20 equilibrium True or False: Assuming implicit costs are prsitive, each of the firms operating in this industry in the long run earns negative accounting profit. O True O False Grade It Now Save & Continue Continue without saving