Question 13 Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitiv Entire Market Single Representative Firm 25 51 25 MC 20 20 15 ATC 15 Price (S/unit) AVC 10 10 5 5 200 250 300 350 400 450 10 15 20 25 30 35 40 45 50 Quantity (Number of Units) Quantity (Number of Units) In the long run, there will be firms in this market. 6 50 25 15 10