Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 30 20 10 9 SRATC 8 7 6 XIX 4 3 MC 2 E 40 50 Quantity (in thousands) The demand shift results in 70 60 a long-run economic profit for the firm. O a short-run economic proft of 0. a short-run economic loss for the firm. O a short-run economic profit for the firm. Demandl Demand2 80 Supply 90 100 Long-run equilibrium is restored in this industry when 10 1 0 20 10 0 50 Quantity 40 30 60 70 80 LRAC P-MR-AR 90 O short-run economic losses attract resources. In the long run, firms enter the industry, increasing market price and driving economic profit to 0. Long-run equilibrium is restored when P = LRAC = SRATC = MC. O short-run economic profits attract resources. In the long run, firms enter the industry, reducing market price and driving economic profit to 0. Long-run equilibrium is restored when P > LRAC = SRATC = MC. O short-run economic profits attract resources. In the long run, firms enter the industry, reducing market price and driving economic profit to 0. Long-run equilibr