Suppose the market for apples is a perfectly competitive and constant cost industry. The market demand for apples is expressed as: P = 205 - 0.005Q, and the industry supply of the product is expressed as: P = 5 + 0.003Q. The typical apple orchard in this market has a marginal cost of MC = 5 + 1.875q, where q is an individual orchard's output and Q is the industry or total market output. Suppose the apple orchard is at its long-run equilibrium. 1. The equilibrium market price is P = [ Select ] and output is Q = [ Select ] 2. Each individual orchard produces q = [ Select ] units of apples and hence there are N = [ Select ] number of orchards in the industry. Due to concern for diabetes, the market demand for apples have gone down to P = 195 - 0.005Q. 1. As a result, in the short-run, the new equilibrium price is P = [ Select ] and output in the industry is Q = [ Select ]