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Exhibit 8-19 Long-Run Perfectly Competitive Industry

Question 155

Multiple Choice

Exhibit 8-19 Long-run perfectly competitive industry Exhibit 8-19 Long-run perfectly competitive industry -As shown in Exhibit 8-19, assume that a perfectly competitive industry is in long-run equilibrium at point A. If the demand curve shifts from D<sub>1</sub> to D<sub>2</sub>, the adjustment sequence between points will be: A) A to B, then back to A. B) A to D, then back to A. C) A to D, then to C. D) A to B, then to C.
-As shown in Exhibit 8-19, assume that a perfectly competitive industry is in long-run equilibrium at point A. If the demand curve shifts from D1 to D2, the adjustment sequence between points will be:


A) A to B, then back to A.
B) A to D, then back to A.
C) A to D, then to C.
D) A to B, then to C.

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