Suppose that we have a perfectly competitive market with inverse market demand P = 1000 10Q and inverse market supply P = 250+5Q. A. What is the equilibrium price and quantity in this market? B. Suppose the market is populated by identical firms whose total costs are TC= 100+4000 + 25Q2 and whose marginal costs are MC = 400 +50Q. How much output should each firm produce in the short run? C. What are each firm's profits? D. How many firms are there currently in the market? What do you think will happen to the number of firms in the long run?