9. Comparing the new long run equilibrium in the wool sock industry with the original one, you expect to find that:

1. There will be fewer firms, with each firm charging the same price and producing the same output as in the original equilibrium.
2. There will be fewer firms, with each firm charging a lower price and producing less output than in the original equilibrium.
3. There will be more firms, with each firm charging a lower price and producing less output than in the original equilibrium.
4. There will be more firms, with each firm charging the same price and producing the same output as in the original equilibrium.
5. There will be fewer firms, with each firm charging a higher price and producing less output than in the original equilibrium.

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