If there were 30 firms in this market, the short-run equilibrium price of copper would be $ per pound. At that price, firms in this industry would Therefore, in the long run, firms would v the copper market. Because you know that competitive firms earn v economic profit in the long run, you know the long-run equilibrium price must be 24 per pound. From the graph, you can see that this means there will be v firms operating in the copper industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. O True O False

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

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