Figure 12-13 -Refer to Figure 12-13. Suppose the Prevailing Price Is P₁

question 58

Multiple Choice

Figure 12-13
-Refer to Figure 12-13. Suppose the prevailing price is P₁ and the firm is currently producing its loss-minimizing quantity. In the long-run equilibrium

• A) there will be fewer firms in the industry and total industry output decreases.
• B) there will be more firms in the industry and total industry output increases.
• C) there will be fewer firms in the industry but total industry output increases.
• D) there will be more firms in the industry and total industry output remains constant.

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