![Suppose a perfectly competitive industry is in long-run equilibrium. If demand increases, what are the short-run and long-run effects on the firm and the industry? | Homework.Study.com Suppose a perfectly competitive industry is in long-run equilibrium. If demand increases, what are the short-run and long-run effects on the firm and the industry? | Homework.Study.com](https://homework.study.com/cimages/multimages/16/6666aaaaaa7759016840598601294.jpg)
Suppose a perfectly competitive industry is in long-run equilibrium. If demand increases, what are the short-run and long-run effects on the firm and the industry? | Homework.Study.com
![What is the long-run equilibrium price in this market? Provide a brief explanation. | Homework.Study.com What is the long-run equilibrium price in this market? Provide a brief explanation. | Homework.Study.com](https://homework.study.com/cimages/multimages/16/qcms38045355712313282608.png)
What is the long-run equilibrium price in this market? Provide a brief explanation. | Homework.Study.com
![22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run – Principles of Economics 22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run – Principles of Economics](https://open.lib.umn.edu/app/uploads/sites/180/2016/05/63d5ca2656edb1c374ea9ef9d03b6d17.jpg)