To manage a perfectly competitive firm that currently earns a normal profit (zero economic profit) in the short-run . But recently you learned that the overall market supply of the product will increase by 10% while the overall market demand for the product that will remain unchanged. Graphically illustrate and explain what the anticipated change in the overall market supply of the product will impact the future profit maximizing levels of output and price in the short-run?

(c)Considering the situation in (b) above, What are the long-run adjustment that would expect

assuming the firm operates in the short-run?