Use figures below to answer the following questions. Graph (a) Graph (b) PRICE QUANTITY QUANTITY 10. Assume that the market starts in equilibrium at point W in graph (b) and that graph (a) Illustrates the cost curves facing individual firms. Suppose that demand increases from DO to D1. Which of the following statements Is not correct? A) Point W is a long-run equilibrium point. B) Point X is a short-run equilibrium point. C) Point Y is a long-run equilibrium point. D) Point Z is a long-run equilibrium point. 11. If the market starts in equilibrium at point Z in graph (b), a decrease in demand will ultimately lead to A) more firms in the industry but lower levels of output for each firm. B) fewer firms in the market. C) a new long-run equilibrium at point X in graph (b). D) lower prices once the new long-run equilibrium is reached, Reflect in ePortfolio Download Print At Alternative formats Activity Details