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Question 3 (10 points) Consider a perfectly competitive industry Where the typical rm has long run total cost of TCLR{q) = 4q2 + 20q + 400. In this market, demand is QD = 5,000 20P. a) Clearly explain why, in the long run, you expect the price in this market to be P = $100. b) In economics, What does the expression 'consfant cost industry' means? If this industry were constant cost, how would an increase in demand to Q' = 6,000 20F affect the long run equilibrium price? c) How would the same increase in demand affect the number of firms in the industry? Provide both a qualitative and a quantitative