Assuming a perfect competition market exists:   a) State the profit maximizing condition for each firm in the industry.   b) Graphically, show the market equilibrium of the industry and a representative individual firm where economic profits equal zero. Please include marginal revenues, demand curve, price and quantity at the equilibrium.   c) From part b above, if the number of consumers increases, show the change in the industry and the individual firm. As results, what do you expect other changes in the industry and the individual firm in a longer term

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