Suppose that the potato growing industry is perfectly competitive. Each firm that enters this industry has a long-run total cost curve of TC(q) = 60q - 2q² + 0.02q³. The market demand curve is Q^mkt D = 1520 - 2P.

(a) List the four characteristics of a perfectly competitive industry. Beside these, indicate the corresponding three implications for how these markets work.

(b) What three conditions must hold in the long-run equilibrium

(c) Find the long-run equilibrium , which should include the equilibrium market price P*, the equilibrium quantity produced by all firms Q*^mktS and the number of firms that exist n*.