Suppose there is a fall in demand for shoes, which are provided in a constant-cost industry.

a) Does the price of shoes change by more in the short run or the long run?

b) Does the industry-wide quantity change by more in the short tun or in the long run?

c) Does the quantity provided by each individual shoemaker change more in the short run or the long run?

d) Do the profits of the shoemakers change by more in the short run or in the long run?