NAME: SID: d 16. Consider a constant-cost competitive industry that is initially in long run equilibrium. If there is an increase in demand in this industry, which of the following do we expect to observe in the new long run equilibrium (compared to the initial equilibrium)? a. Firms are making positive economic profits. b. Each firm in the market is producing a larger quantity. c. The market price will be higher. d. There will be a larger number of firms in the industry. e. None of the above. The area below this line can be used for notes - it will not be read or marked