Recall the assumptions:

• The market for calculators is a perfectly competitive industry facing typical U-shaped ATC, AVC, and MC cost curves.
• Demand is linear and has a downward slope.
• The industry is filled with many homogeneous firms.

Using a side-by-side graph that depicts both the market (on the left) and a representative firm (on the right), graphically depict what will happen to (a) P (price), (b) Q (market output), (c) q (representative firm's output), and (d) ? (representative firm's profit) when the market moves from the original short run equilibrium (SRE) with positive profits you depicted in Question 1 to a new long run equilibrium (LRE).