Please answer, this is my third time asking this question :( Multiple graphing question, entire document is posted!

Name: Period: Perfect Competition in the Long-Run Part 1: Check Your Understanding- Read the following passage and answer the questions below. People have been drinirrhg coffee since at least the 1'5\"J centuryr and for nearlyr the entire time there have been manyr coffee bean producers] each with a relatively small share of the total market. Since each rm was email, no one coiiise producer could intiuence the price. Generic coffee beans were bought and sold as a commodity. a non-differentiated product, at a global equilibrium price. Recently however. something itrndamentai about the coiee mantel dramaticalhr changed: the rise in name brand coffee chains and specialty coffee shops. As these retail companies tried to win larger shares of the market. they needed their coffee to stand out as different horn their competitors. Some types of coffee beans. which had once been sold as a commodity. were now marketed and sold based on distinguishing characteristics. such as the region. elevation. or climate. 1. Identify three different characteristics of perfectly competitive rms implied in the passage above. 2. Explain why the market for generic coffee beans is perfectly competitive. but the market for coffee is not. 3. Explain why a coffee bean producer would prefer to operate in an imperfectly competitive market rather than a perfectly competitive market. mm\"; Assume that coffee beans are produced in a perfectly competitive market. 4. Green Mountain is a typical coffee bean producer and earning a normal profit. Draw correctly labeled side-byside graphs for the coffee bean market and for Green Mountain. Label the equilibrium price and quantity P1 and Elm and the equilibrium quantity for the rm an. 5. Assume that the popularity of coffee rises. 0n the graph from question #4. show the effect of the increase in demand on the market price and quantity in the short run. Label the equilibrium price and quantity P2 and Quz. respectively. Name: Period: 5. 0n the graph from question #4. show the effect of the in crease In the demand for coffee on Green Mountain's quantity of coffee in the short run. Label the equilibrium quantity fer the rm Qra. F. After the increase in demand. is Green Mountain earning a positive. negative. or normal economic prot? Explain. B. As a result of this change in the market. will rms enter or exit in the market in the long run? Explain your answer. 9. Assume that coffee beans are produced in a constant-cost industry. 1ll'b'ould the new long- run equilibrium price increase. decrease, or stay the same as the original price before the increase in demand? Explain. 1D.Assume that coffee beans are produced in an increasing-cost industry. Would the new long-run equilibrium price increase, decrease. or stay the same as the original price before the increase in demand? Explain. Part 3: More Graph Practice- Answer the question below. 11.Lindo Coffee is a typical coffee bean producer and is currently making a loss. Draw correctly labeled side-byside graphs for the coffee bean market and Lindo Coffee. Label the equilibrium price and quantity P1 and u." and the equilibrium quantity for the rm er. 12.0n the graph. show what will happen to the market and firm in the long run