A competitive market is in long-run equilibrium. if demand decreases, we can be certain that price will a. fall in the short run. no firms will shut down, but some of them will exit the industry. price will then rise to reach the new long-run equilibrium. b. fall in the short run. all firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium. c. not fall in the short run because firms will exit to maintain the price. d. fall in the short run. all, some, or no firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium.

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04-04-2022
Business

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A competitive market is in long-run equilibrium. if demand decreases, we can be certain that price will a. fall in the short run. no firms will shut down, but some of them will exit the industry. price will then rise to reach the new long-run equilibrium. b. fall in the short run. all firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium. c. not fall in the short run because firms will exit to maintain the price. d. fall in the short run. all, some, or no firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium.

Sagot :

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Tundexi Tundexi · Answer 1 · 2022-04-14T04:34:10-04:00

At a long run in a competitive market, price will fall if demand decreases and all, some, or no firms will shut down while some of them will exit the industry.

What is a competitive market?

These are markets where no consumer or producer has the major power to influence the market.

This means that there are high mumber of producers that are competing with one another in hopes to provide goods and services for the consumers.

However, price will fall if demand decreases and all, some, or no firms will shut down while some of them will exit the industry.

Therefore, the Option D is correct.

Sagot :

What is a competitive market?

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