Suppose an industry consists of two firms whose marginal costs and average costs are given as shown in the figures above. Determine the correct outcomes for the following situations in this industry: Total quantity supplied in the industry at a price of $7 is 4 units in the long run. Total quantity supplied in the industry at a price of $9 is 10 units in the long run. In the short run, Firm 2 will exit immediately and shut down at a price of $7