In 2001, the box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month. The market demand curve for boxes was
Qd = 140,000 - 10,000P
where P is the price of a box (in dollars per box) and Qd is the quantity of boxes demanded per month. The market supply curve for boxes was
Qs = 80,000 + 5,000P
where Qs is the quantity of boxes supplied per month.
[A] Find the equilibrium price of a box? Is this the long-run equilibrium price?
[B] How many firms are in this industry when it is in long-run equilibrium?