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mylab.pearson.com ECN 104 - F2025 - Section O11 @ Homework: Homework 3 Noorman Hothi () Question Completed: 29 of 60 nee My score: 26.67/60 pts (44.44%) a' Minimize list 24 -@ -@ @ -@ 29 @e} @ Etext pages Concept Question 6.3.1 Question | 0.75/1 pt Review Question 10 Question | 0.5/1 pt Text Problem 11 Question | 1/1 pt Review Question 13 Question | 1/1 pt Concept Check 6.5.0.1 Question | 1/1 pt Concept Question 6.6.2 Question | 0.67/1 pt Concept Question 6.6.3 CelrTS (Cl Oa oe Review Question 5 Question | 0/1 pt Grapher If firms in a perfectly competitive market are earning profits or incurring losses in the short run, then in the long run these profits or losses will either cause new firms to enter or existing firms to leave the market. This will result in a shift in the industry supply curve until profits are zero Given the long-run adjustment process that takes place after a supply or demand shock, we know that the industry supply curve must be O A. vertical, since the demand curve will continue to shift until all firms in the market earn profits. B. horizontal, since the supply curve shifts until price is back to its original level and profits are back to zero. C. upward-sloping, since it is simply the sum of the short-run supply curves for each individual firm. D. downward-sloping, since the supply curve will shift downward until all firms are incurring losses. Question Viewer