The figure to the right shows the initial market supply (S₁) and market demand (D₁) curves for the oil industry along with the industry's long-run supply curve (SL). Movement up along the long-run industry supply curve is indicated by the rightward shift in demand to D₂. Dollars per barrel 360- 340- 320- 300- 280- 260- 240- 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- Print 0.0 S Done D₂ 0.4 0.8 1.2 1.6 2.0 24 Output (barrels per day in 10,000s) 2.8 Q Q

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