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

question 128

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.