Question: 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.
APA formatting: Your response should be formatted according to APA (6th ed.) style and formatting.
Font and font size: Times New Roman, 12 point.