I asked for help earlier and it was marked incorrect please help me solve for correct answer and please explain why this is wrong? Question 17 of 22 >Demand and supply are initially at Do and So in the graph. Demand increases and new firms enter the industry; therefore,in the long run, demand and supply move to D1 and S1. The long-run industry supply curve is SLR-PriceUsing the information in the graph, what conclusion canbe drawn?Without question, this industry experiencedeconomies of scale as it expanded.In the long run, industry costs haveSoS,remained constant.In the long run, industry costs have increased.In the long run, industry costs have decreased.D.IncorrectOutput

Increasing cost industry is the industry whose cost of production increases when output increases,…

Demand and supply are initially at Do and S, in the graph. Demand increases and new firms enter the industry; therefore, in the long run, demand and supply move to D¡ and S1. The long-run industry supply curve is SLR. Using the information in the graph, what conclusion can be drawn? Price So Without question, this industry experienced S, economies of scale as it expanded. SR In the long run, industry costs have remained constant. In the long run, industry costs have increased. In the long run, industry costs have decreased. D, Incorrect Do Output

Demand and supply are initially at Do and S, in the graph. Demand increases and new firms enter the industry; therefore, in the long run, demand and supply move to D¡ and S1. The long-run industry supply curve is SLR. Using the information in the graph, what conclusion can be drawn? Price So Without question, this industry experienced S, economies of scale as it expanded. SR In the long run, industry costs have remained constant. In the long run, industry costs have increased. In the long run, industry costs have decreased. D, Incorrect Do Output

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.4P

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