Question 1 5 Correct Mark 1.00 out of 1 .00 V Flag question A perfectly competitive market is initially in a long run equilibrium, with n identical rms (n can take non-integervalues). The demand curve and the shortrun supply curve are given as follows. Supply: Q = 2P - 1 thousand units Demand: Q = 2115 - 4P thousand units The equilibrium price is [Answer] dollars per unit. (In decimal numbers, with two decimal places, please.) Answer: eck Marks for this submission: 1.00/1.00. Question 1 6 Incorrect Mark 0.00 out of 1 .00 V Flag question Continue with the last question. Suppose there is an increase in demand such that each consumer's willingness to pay increases by 100 dollars, and suppose this is a constant cost industry. Then, the quantity traded in the market is [Answer] thousand units when the market reaches a long run equilibrium again. (In decimal numbers, with two decimal places, please.) Answer: eck Question 17 Not complete Marked out of 1.00 Flag question Continue with the previous question. Suppose the new entrants and the incumbent firms are all identical. After the increase in demand, 22 new firms eventually enter the market so that a new long run equilibrium is reached. The average cost curve of an individual firm is minimized at q = [Answer] thousand units. (In decimal numbers, with two decimal places, please.) Answer: Check Question 18 Not complete Marked out of 1.00 Flag question Continue with the last question. The average cost at this quantity is [Answer] dollars per unit. (In decimal numbers, with two decimal places, please.) Answer: Check