Figure 12-12

-Refer to Figure 12-12.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

Question

Figure 12-12
 
-Refer to Figure 12-12.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

Quizplus · Accepted Answer

The Answer of Figure 12-12
 
-Refer to Figure 12-12.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

Figure 12-12 -Refer to Figure 12-12.Consider a Typical Firm in a Perfectly