Figure 9-17 the Graphs in Figure 9-17 Represent the Perfectly

question 65

Multiple Choice

Figure 9-17
The graphs in Figure 9-17 represent the perfectly competitive market demand and supply curves for the apple industry and demand and cost curves for a typical firm in the industry.
-Refer to Figure 9-17.The graphs depicts a short-run equilibrium.How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)

• A) Fewer firms will be in the market in the long run than in the short run.
• B) The price will be higher in the long run than in the short run.
• C) The market supply curve will be further to the left in the long run than in the short run.
• D) The firm's profit will be lower in the long run than in the short run.

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