Consider a perfectly competitive market. A competitive firm in this market has the following long-run total cost structure: Output 0 1 2345 4 5 Total Cost $0 $10 $14 $24 $36 $50 The current market price is $12. 1. Assuming that the firm is currently in business, determine how many units will be produced and the profit of the firm. 2. Suppose that the total output currently being produced in the market is 100 units. Determine the total number of firms in the market. 3. Should the firm decide to stay in business or is it better for it to shut-down and exit the market in the long-run? Explain. 4. What is likely to happen to the market price and the total number of firms in the market in the long-run? Explain.