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Currently, there are 8 firms in the market. In the short run, in which the number of firms is fixed, the equilibrium price is $13.33 and the total quantity produced in the market is 106 units. Each firm produces units. (Hint: Total supply in the market equals the number of firms times the quantity supplied by each firm.) In this equilibrium, each firm makes a profit of $ . (Note: Enter a negative number if the firm is incurring a loss.) Firms have an incentive to the market. In the long run, with free entry and exit, the equilibrium price is $ , and the total quantity produced in the market is units. There are firms in the market, with each firm producing
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