Suppose the peanut butter industry which is monopolistically competitive was in long-run equilibrium. One morning the market woke up and it was transformed into a perfectly competitive industry. Now that all the perfectly competitive firms are in long run equilibrium, what would happen to the following variables (increase, decrease, or stay the same)? (hint: you might want to look at a graphic comparison).

A. Price:

B. Quantity:

C: Average Total Cost :

D. Marginal Cost:

E. Economic Profit: