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5. Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.
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Order Paper Nowa. How do you know that the industry is in longrun
equilibrium?
b. Suppose that there is an increase in demand for
this product. Show and explain the short-run
adjustment process for both the firm and the
industry.
c. Show and explain the long-run adjustment process
for both the firm and the industry. What
will happen to the number of firms in the new
long-run equilibrium?
3. Suppose the demand curve for a monopolist is
QD = 500 − P, and the marginal revenue function
is MR = 500 − 2Q. The monopolist has a constant
marginal and average total cost of $50 per unit.
a. Find the monopolist’s profit-maximizing output
and price.
b. Calculate the monopolist’s profit.
c. What is the Lerner Index for this industry?
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