1. The accompanying graphs represent the market for soybeans, a perfectly (purely) competitive market, and Roy's Soys, an individual firm in the market for soybeans. The market and the firm are currently in long?run equilibrium atpointA. Show what happens in the short run on both graphs when a new medical study shows soybeans to be highly carcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price2 to draw a new price line for the firm. On both graphs, indicate the new equilibrium point withpointB.
2. Now, show the changes that get both graphs back to long?run equilibrium. Use shift(s) for the market and Price3 for the firm. Indicate the new long?run equilibrium withpointC.

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