This problem will analyze the market for a typical neighborhood dry cleaning store (check google maps for example in your area). Currently it costs the store on average $4 to dry clean a shirt. The industry is considered to be at its long run equilibrium. 1. What type of market structure would you classify the dry cleaning industry as operating in? Explain why the conditions/assumptions meet the criteria. 2. Draw the appropriate graph(s) and discuss what business is like for a typical firm. A new development in the dry cleaning process is going to cause a decrease in cost of $2 per shirt to the store. 3. What do you expect to happen to the market/firm in the short run? Explain. 4. What do you expect to happen to the market/firm in the long run? Explain. 5. Draw the appropriate graphs to diagram what happens in \#3 and \#4. Provide any additional explanation that may be needed to connect your answers to the graphs