Suppose the headphone industry is perfectly competitive and every firm has the following cost structure:

• MC= 50 + 6q
• ATC = 50 + 3q + 675/q
• AFC = 675/q

whereqis the number of headphone produced by a typical firm in a year. The current market price is $74 per headphone.

Answer the following questions (4points each):

• What is the profit-maximizing quantity sold at the current market price by each firm? Enter a number.
• What is the long-run market price of headphones? Enter a number.
• In the long-run, what is the theprofit-maximizingquantityof headphones sold? Enter a number.