Using market demand and supply, assuming a constant cost competitive industry, show the long run equilibrium, identifying price, output, consumer surplus, and producer surplus. Now suppose a production innovation that is available to all firms (and new firms if they would like to come into the industry) lowers the minimum long run average cost of producing. Show how the long run equilibrium is affected, including the effects on price, output, consumer surplus, and producer surplus. Do producers benefit from the innovation in the long run? Explain the latter (which does not require any lengthy explanation