Refer to Figure 1. Consider a typical firm in a perfectly competitive industry w

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Refer to Figure 1. Consider a typical firm in a perfectly competitive industry which is incurring short-run profits. Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium? Panel A Panel B Panel C Panel D Refer to Figure 1. Assume that the medical screening industry is perfectly competitive and that some firms are making short-run losses. Suppose the medical screening industry runs an effective advertising campaign which convinces a large number of people that yearly CT scans are critical for good health. Which of the diagrams in the figure best describes what happens in the industry? Panel A Panel B Panel C Panel D

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4 b 5 C

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Refer to Figure 1. Consider a typical firm in a perfectly competitive industry w

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