Figure 7.10 -Refer to Figure 7.10.Consider a Typical Firm in a Perfectly

Multiple Choice

Figure 7.10
-Refer to Figure 7.10.Consider a typical firm in a perfectly competitive industry that makes short-run profits.Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium?

A) Panel A
B) Panel B
C) Panel C
D) Panel D