What can you expect from an industry in perfect competition in the long run? What will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price? Assume that the market for illegal drugs is an example of a perfectly competitive market structure. Describe what the perfectly competitive market model predicts for illegal drugs in the long run. What is likely to be the impact of the U.S. government’s war on drugs in the short run? In the long run?