Suppose the following data describe the demand for fruit smoothies:

Price $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 Quantity demanded 7 10 13 16 19 22 25 28 31 34 Five identical, perfectly competitive firms are producing these smoothies. The cost of producing these smoothies at each firm is the following:

Quantity produced 0 1 2 3 4 5 6 7 8 9 10 Total cost $5 $8 $10 $13 $17 $22 $28 $36 $45 $55 $67

(a) What price will prevail in this market?

(b) What quantity is produced?

(c) How much profit (loss) does each firm make?

(d) What happens to price if two more identical firms enter the market?