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.

Question

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.

Quizplus · Accepted Answer

The Answer of  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