Suppose all firms in the iron ore industry in Australia have costs that are described by the examples in Figure XXXXXXXXXXThe industry includes two firms with low costs the same as Rio Tinto, three...

Suppose all firms in the iron ore industry in Australia have costs that are described by the examples in Figure 5.7.2. The industry includes two firms with low costs the same as Rio Tinto, three firms with middle-ranked costs the same as Fortescue and two firms with high costs the same as Mount Gibson. Draw the long-run market supply curve for the industry.