[Step-by-Step] Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully
Question: (21 points) Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully explain what will happen to the number of firms, the market supply and the price of the good as we move from the short run to the long run.
Deliverable: Word Document 
(Step-by-Step) (40 total points) Suppose a monopolist faces the following
![[Solved] (42 total points) Suppose that a](/images/solutions/MC-solution-library-56051.jpg "[Solved] (42 total points) Suppose that a monopolistically competitive")
[Solved] (42 total points) Suppose that a monopolistically competitive
![[Steps Shown] Carefully explain what will happen](/images/solutions/MC-solution-library-56052.jpg "[Steps Shown] Carefully explain what will happen as we move from")
[Steps Shown] Carefully explain what will happen as we move from
![[See Steps] (34 total points) Suppose that](/images/solutions/MC-solution-library-56053.jpg "[See Steps] (34 total points) Suppose that two players are playing")
[See Steps] (34 total points) Suppose that two players are playing
![[Solution] (12 total points) Suppose there are](/images/solutions/MC-solution-library-56054.jpg "[Solution] (12 total points) Suppose there are 12 firms in an industry.")
[Solution] (12 total points) Suppose there are 12 firms in an industry.
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