Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. The following graph shows Hi-Tech's initial marginal-cost curve (MC1) and average-total-cost curve (ATC1 ) before the new technology, and its marginal-cost curve (MC2) and average-total-cost curve (ATC2) after the new technology. ATC1 P ATC 2 Price of Books P 2dy Tools ATC, s Tips P. s Tips ATC2 Price of Books Quantity of Books Now suppose the patent expires and other firms are free to use the technology. Which of the following statements are true about what happens in the long run? Check all that apply.rudy Tools MC2 IS Quantity of Books ess Tips ess Tips Now suppose the patent expires and other firms are free to use the technology. back Which of the following statements are true about what happens in the long run? Check all that apply. The market price falls to P2. All firms' average-total-cost curves decline to ATC2. All firms make positive profits. TOTAL SCORE: 0.75/2 (to complete this step and