1. Refer to the graph to answer this question. If the market is in equilibrium, what quantity will the firm produce?
2. Refer to the graph to answer this question. If the market is in equilibrium, what will be the firm's total profit or loss?
3. Refer to the graph to answer this question. Suppose that the industry demand were to increase by 3,000 units. What will be the new equilibrium price and quantity in the industry?
4. Refer to the graph to answer this question. Suppose that the industry demand were to increase by 3,000 units. At the new equilibrium, what quantity will the firm produce?

Required information Graph A shows the market demand and supply in a perfectly competitive market. Graph B shows the cost curves of a representative profit-maximizing firm in that industry. (A) (8) SY $900 AC 1900 ATC 800 700 600 AVC 500 400 300 200 100 1234 5 6 70 9 10 0 20 40 60 80 100 120 Quantity per period Quantity per period Un thousands)