Author Question: Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. There ... (Read 160 times)

torybrooks · **on:** Apr 19, 2019

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

kmb352 · **Reply #1 on:** Apr 19, 2019

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