2. Draw a pair of graphs to show the short run and long run equilibrium effects of each of the different events or shocks in a perfectly competitive industry. Assume the industry is in long run equilibrium before the event occurs. Use only one set of cost curves for the firm, like in my lecture notes. (Separate SR and LR cost curves just make the diagram too messy.) Draw the answer for each part of this question on separate diagrams. a. An increase in demand in a constant cost industry. b. A decrease in demand in a constant cost industry. c. An increase in demand in an increasing cost industry. d. A decrease in the average and marginal cost curves in a constant cost industry.