5. Long Run Producer Surplus FC = a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: b. In the long run equilibrium of a perfectly competitive industry, profit is: d. If...

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Extracted text: 5. Long Run Producer Surplus FC = a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: b. In the long run equilibrium of a perfectly competitive industry, profit is: d. If market demand for the industry's product increases, firms increase their demands for This may drive up their prices, causing each firm's long run C. In long run equilibrium, the scale of each firm allows it to minimize cost curves to shift and e. The horizontal coordinate of any point on the long run industry supply curve shows: f. The vertical coordinate of any point on the long run industry supply curve shows: g. The area below the price line and above the long run industry supply curve measures: 9. STA AST LONG