Use the graphs below to answer this question. The graph on the left represents a typical firm in this industry, and the graph on the right represents the entire industry. Assume all firms are identical. Also assume that the market is perfectly competitive. Graphs are NOT drawn Price to scale! Price MC ATC S 13 20--- AVC 12 10 - 10 7 D 8 10 12 1000 quantity Quantity a. Given the above graphs, is this a short-run or long-run equilibrium? Explain your answer. b. Given the above graphs, what is fixed cost equal to for a representative firm?~ c. In the short-run how many units of the good does a representative firm produce?~ d. Given the above graphs, in the short-run what is the equilibrium market quantity?~ e. Given the above graphs, how many firms are currently in the market?~ f. Given the above graphs, what do you predict will happen in this industry in the long run?~ g. Holding everything else constant, how many firms will be in the industry in the long run? (Hint: partial firms are okay for your answer here.)<