Suppose a typical competitive firm has the following data in the short run: priceequals$8; outputequals100 units; ATCequals$8; AVCequals$7. What will likely happen? Question content area bottom Part 1 A.In the long run comma the industry will contract because firms are suffering losses. In the long run comma the industry will contract because firms are suffering losses. B.The size of the industry will remain the same in the long run. The size of the industry will remain the same in the long run. C.In the long run comma the industry will expand because of economic profits. In the long run comma the industry will expand because of economic profits. D.In the long run comma the industry will shut down because of negative accounting profits. In the long run comma the industry will shut down because of negative accounting profits