Question 1
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow.
Refer to Figure 9.7. Industry demand is initially
D
1 and industry supply is initially
S
1 in this increasing cost industry. If ________, then in the long run the industry will move to point
E.
◦ supply decreases to
S2◦ supply remains at
S1◦ demand increases to
D2◦ demand decreases to
D2Question 2
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow.
Refer to Figure 9.7. This increasing cost industry's ________ would be found by drawing a line from points
B to
E.
◦ marginal revenue curve
◦ marginal cost curve
◦ long-run demand curve
◦ long-run supply curve
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