Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)
A) The price will be higher in the long run than in the short run.
B) The market supply curve will be further to the left in the long run than in the short run.
C) The firm's profit will be lower in the long run than in the short run.
D) Fewer firms will be in the market in the long run than in the short run.
C
Economics
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