Refer to the information provided in Figure 9.4 below to answer ...

[newyorker26]

Question 1

If the price of an input increases, each individual firm's marginal cost curve shifts ________ and the industry supply curve ________.

◦ downward; shifts to the left
◦ downward; shifts to the right
◦ up; does not change
◦ up; shifts to the left

Question 2

Refer to the information provided in Figure 9.4 below to answer the question(s) that follow. 









Refer to Figure 9.4. In the short run this firm should ________ and in the long run this firm should ________, if economic conditions do not change.

◦ shut down; exit the industry
◦ exit the industry; shut down
◦ continue to produce where 
MC = 
MR; expand
◦ continue to produce where 
MC = 
MR; shut down

[Expo]

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[newyorker26]

YES! Correct, THANKS for helping me on my review

[ttt030911]

Thanks for the timely response, appreciate it