Exhibit 7-19 Long-run perfectly competitive industry
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As shown in Exhibit 7-19, assume that a perfectly competitive industry is in long-run equilibrium at point A and the demand curve shifts from D1 to D2. The result is a long-run supply curve drawn from point:
A. A to point B.
B. B to point A.
C. A to point D.
D. A to point C.
Answer: D
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