Explain the short-run adjustment process for the industry | Microeconomics

Explain the short-run adjustment process for the industry | Microeconomics

a perfectly competitive firm and industry in long-run equilibrium.
A. How do you know that the industry is in long run equilibrium?
B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
C. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?

Order from us and get better grades. We are the service you have been looking for.