Suppose that the restaurant industry is perfectly competitive. all producers have identical cost curves, and the industry is currently in long-run equilibrium, with each producer producing at its minimum long-run average total cost of $8. if there is a sudden increase in demand for restaurant meals, which of the following statements best describes the difference between short-run and long-run impacts on price and quantity for an individual firm in the market. the change in price is greater in the short run than in the long run, but the change in quantity is greater in the long run than in the short run. the change in price is greater in the long run than in the short run, but the change in quantity is greater in the short run than in the long run. the change in price and quantity are both greater in the long run than in the short run. the change in price and quantity are both greater in the short run than in the long run.
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Suppose that the restaurant industry is perfectly competitive. all producers have identical cost cur...
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