Assume a purely competitive increasing-cost industry is initially in long-run equilibrium, producing 10 million units at a market price of $5. Suppose that an increase in consumer demand occurs. After all economic adjustments have been completed, which output and price combination is most likely to occur? Multiple Choice 12 million units at a price of $5.50 11 million units at a price of $4.75 9.5 million units at a price of $4.50 9 million units at a price of $5.25