1. In short-run competitive equilibrium, what happens to output at an individual firm following an industry-wide rise in demand?

2. What is the difference between accounting profit and economic profit?

3. What are the two key assumptions in the definition of a constant-cost industry?

4. What is the shape of the long-run industry supply curve in an increasing-cost industry? Why?

5. What is the shape of the long-run industry supply curve in a decreasing-cost industry? Why?