Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.
Refer to Figure 12.4. Assume consumer preference changes toward
X and away from
Y.
Ceteris paribus, sector
X will likely see ________ and sector
Y will likely see ________.
◦ the entrance of new firms; the exit of existing firms
◦ the exit of existing firms; the entrance of new firms
◦ the entrance of new firms; no entry or exit of firms
◦ no entry or exit of firms; the exit of existing firms
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