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for the gold mine. Assume that the gold mining industry is competitive () Illustrate u longrun equilibrium wsing, ding rond market and for a representative gold bSulpose that an incregle in de wellary demand induces a I Surge in the demand for gold. Using your diogrowse Show what happens in the short go to the market and to ach existing gold mine. (C) If the demand for good remsing high, what would happen to the Price over time! Specifically longe sun equilibrium Price be above, below, or equal to the short-run equilibrium Price in park b. the gold would the new las Scanned with CamScanner