Question 2 1 pts A number of identical rms operate in a perfectly competitive market, in a constant~cost industry. ("Constant-cost" means that the industry can expand or contract without affecting input prices in a way that would change the cost curves of the rms.) The industry is initially in long-run equilibrium. Suddenly an unexpected decrease in materials costs lowers marginal cost for each rm. Which of these DOES NOT happen in the new short-run equilibrium [before any new entry or exit has occured]? [In answering this and the following question, you might nd it useful to use the Excel simulation shown in class. You can nd it on Canvas under EntrvExitSim.xlsx. You can shift marginal cost by changing the input cell labeled "MC shift") 0 Each rm in the market produces a lower quantity C] than before. 0 The short-run supply curve (SR5) curve shifts to the right. (Q) Market price decreases. 0 Firms in the market make a positive prot