4 In a perfectly competitive market, all firms are identical, firms can freely enter and exit, and the market has an unlimited number of potential...

5.4 In a perfectly competitive market, all firms are identical, firms can freely enter and exit, and the market has an unlimited

number of potential entrants. Now, the government starts collecting a specific tax t. What is the effect on the long-run equilibrium

market quantity, market price, and the quantity for an individual firm?