Figure shows the short-run and long-run adjustment process for a decreasing cost industry responding to an increase in demand. Draw a similar two-panel diagram, illustrating the response of a decreasing cost industry to a decrease in demand. Draw in the long run supply curve. In the long run, will the price be higher or lower, compared to the initialprice?

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Europe U.S Dollars Dollars per Dose per Dose 2.25- $2.25-- MC MC $0.50 $0.50 Deurope MR Dus MR Millions 0 Doses per Year 70 70 Millions Doses per Year