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Refer to the Accompanying Graphs for a Competitive Market in the Short

Question 98

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Refer to the accompanying graphs for a competitive market in the short run. What will happen in the long run to industry supply and the equilibrium price, P, of the product? A) S will decrease; P will decrease. B) S will increase; P will decrease. C) S will decrease; P will increase. D) S will increase; P will increase. Refer to the accompanying graphs for a competitive market in the short run. What will happen in the long run to industry supply and the equilibrium price, P, of the product?


A) S will decrease; P will decrease.
B) S will increase; P will decrease.
C) S will decrease; P will increase.
D) S will increase; P will increase.

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