(Figure: Representative Firm I) Answer the following questions. 
a. Suppose the market price is $14. How much profit is the firm making?
b. What is the long-run equilibrium price in this market?
c. Suppose the market price is $14 and the government levies a $50,000 tax on each firm. What will happen to the long-run equilibrium price? Will the industry expand or contract?
Definitions:
Assertive
Characterized by confident and forceful behavior, enabling individuals to express their thoughts, beliefs, and feelings in an honest and direct manner.
Democratic Behaviours
Actions that promote participation, equality, and fair treatment within groups or societies.
Participative
A style or process that involves input, involvement, and collaborative decision-making with all stakeholders or team members.
Ethical Leadership
Leadership that is directed by respect for ethical beliefs and values and for the dignity and rights of others.
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