Suppose you are given the following information about a particular industry: QD = 11700 - 100P Market demand Q'S = 1200P Market supply 92 C(q) = 548 + Firm total cost function 400 2q MC(q) = Firm marginal cost function. 400 Assume that all firms are identical and that the market is characterized by perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. The equilibrium price is $ 9 . (Enter your response rounded to two decimal places.) The equilibrium market quantity is 10800 units. (Enter your response rounded to two decimal places.) The output supplied by one firm is 1800 units. (Enter your response rounded to two decimal places.) Finally, the profit of each firm is $ 7552.00 . (Enter your response rounded to two decimal places.) Would you expect to see entry into or exit from the industry in the long run? Explain. What effect will entry or exit have on market equilibrium? Firms should enter the industry due to positive economic profit. This will market price and market quantity