Even if a market outcome is efficient, it may not be equitable.

Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium

A) there will be fewer firms in the industry and total industry output decreases. B) there will be fewer firms in the industry but total industry output increases. C) there will be more firms in the industry and total industry output remains constant. D) there will be more firms in the industry and total industry output increases.

Kuznets's investigations of development suggested that income

a. generally becomes more unequal as development progresses b. generally becomes more unequal up to a point, then becomes more equal c. generally becomes more equal as development progresses d. generally become more equal up to a point, then become more unequal e. none of the above