Figure 12-8
-Refer to Figure 12-8.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?

Question

Figure 12-8 
-Refer to Figure 12-8.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?

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The Answer of Figure 12-8 
-Refer to Figure 12-8.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?

Figure 12-8 -Refer to Figure 12-8.Consider a Typical Firm in a Perfectly