Refer to Figure 12-12. Consider a typical firm in a perfectly ...

[melina_rosy]

Refer to Figure 12-12. Consider a typical firm in a perfectly competitive industry that makes short-run profits. Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium?
 
  A) Panel A B) Panel B C) Panel C D) Panel D

Question 2

Technological advancements that increase labor's productivity shift the labor supply curve to the right.
 
  Indicate whether the statement is true or false

[kingdude89]

Answer to Question 1

B

Answer to Question 2

FALSE