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5. Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.

a. How do you know that the industry is in longrun


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


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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