The figures below show the supply and demand for a perfectly competitive industry and the cost curves for a representative firm in the industry. Explain what will happen in the long run in this industry. 
Definitions:
Soma
The cell body of a neuron, containing the nucleus and other structures vital for cell function.
Terminal Buttons
Small knobs at the end of an axon that release chemicals called neurotransmitters into the synapse.
Synaptic Cleft
The small gap at a synapse between neurons, through which neurotransmitters are released and received.
Dendrites
Branch-like extensions of neurons that receive electrochemical messages from other neurons, crucial for the transmission of neural signals.
Q1: Comment on the following statement. "Monopolistically competitive
Q13: Critically evaluate the following statement. "Monopolists are
Q14: What is meant by spreading overhead?
Q17: The matching principle requires that expenses be
Q20: Assume that we only have data on
Q23: Using Table 13.1 calculate the total revenue
Q37: Suppose that there are two goods that
Q38: Explain the difference between a change in
Q41: Why is it more difficult for a
Q53: An engineer with a major power company