Short run supply and long-run equilibrium Consider the competitive market for rhodium. Assume that no matter how many firms operating the industry, every firm is identical and faces, the same marginal cost, average, total cost, and average variable cost curves flooded in the following graph. (1st graph) If there were 10 firms in this market, the short run equilibrium price of rhodium would be ___ per pound. At that price, firms in this industry would (shut down/? earn zero profit/operate at a loss/earn a positive profit). Therefore, in the long run firms would (enter/exiteither exit or enter) the rhodium market.Because you know that competitive firms earn (positiveegative/zero) economic profit in the long run, you know the long run equilibrium price must be ____ per pound. From the graph, you can see that this means there will be (10/20/30) firms operating in the rhodium industry in the long run equilibrium.True or false : assuming implicit cost are positive, each of the firms operating in this industry in the long run errands positive accounting profit

(? 100 8 8 COSTS (Dollars per pound) 8 5 8 8 MC O AVC 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) The following graph plots the market demand curve for rhodium. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. 100 Supply (10 firms) Supply (20 firms) PRICE (Dollars per pound) Supply (30 firms) Demand 125 250 375 500 625 . 750 875 1000 1125 1250 QUANTITY (Thousands of pounds)