3. Assume that the cost function for each firm and market demand are the same as given in problem 2, and answer the following questions. (a) Based on your answer to 2 (d), will some of the 6 firms stop producing this good or will more firms enter this industry in the long-run? (b) Add the long-run supply curve to the sketch you made for 2 (c) and indicate the long-run market equilibrium. (c) How many firms will there be in the long-run and how much of the good will be produced? What will the long-run price of the good be? (d) Based on the shape of the long-run supply curve, do you think production in this sector uses a scarce natural resource? What shape should the long-run supply curve have if there was “congestion”?