An industry currently has 100 firms, all of which have fixed costs of $16 and average variable cost as follows: Compute marginal cost and average total cost. The price is currently $10. What is the total quantity supplied to the market? As this market makes the transition to its long-run equilibrium, will the price rise or fall? Will the quantity demanded rise or fall? Will the quantity supplied by each firm rise or fall? Graph the long-run supply curve for this market.