FIGURE 4- 3 -Refer to Figure 4- 3, Which Shows a Demand Shift

question 105

Multiple Choice

FIGURE 4- 3
-Refer to Figure 4- 3, which shows a demand shift and the short- run and long- run supply curves for some product. In the new long- run equilibrium at EL, producers' revenue

• A) could be higher or lower than at ES, depending on the price elasticity of demand.
• B) could be higher or lower than at E0, depending on the price elasticity of demand.
• C) is unambiguously higher than at ES.
• D) is unambiguously lower than at ES.
• E) is unambiguously lower than at E0.

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