Use the accompanying graph, which shows the marginal cost and average total cost curves for the shoe store Zapateria, a perfectly competitive firm. a. How many pairs of shoes will zapateria produce if the market price of shoes is $70 a pair? b. What is the total profit zapateria will earn if the market price of shoes is $70 a pair? c. Should zapateria expect more shoe stores to enter this market? Why or why not? d. What is the long-run equilibrium price in the shoe market assuming it is a constant/cost industry?

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