Suppose an industry consists of 500 identical firms all producing a standardized product (widgets). The marginal cost function of each firm is given by Table 1. The fixed cost for each firm is $280. The data for the industry's aggregate demand curve are shown in Table 2. Table 1. MC for individual firms q (widgets) MC ($/widget) L O O U A W N P 13 8 5 4 5 7 10 15 22 31 11 40 12 50 13 63 14 78 15 100 Table 2. Market demand P ($/widget) Q (widgets) 5 4,720 10 4,360 15 4,000 20 3,640 25 3,280 30 2,915 35 2,560 40 2,200 45 1,840 50 1,480