Firms in this industry will make economic losses in the short run.The equilibrium market price in this industry will decrease in the long run.| The number of sellers in this industry will decrease.The equilibrium market price in this industry will decrease in the short run.Firms in this industry will make positive economic profits in the short run.The equilibrium market price in this industry will increase in the long run.| The market supply in this industry will increase. A perfectly competitive industry is currently in long-run equilibrium when thedemand for its product suddenly decreases. Which SEVEN of the following willoccur? Incorrect choices will be deducted from correct choices to determine yourmark on this question.The market supply curve in this industry will shift to the right.The market supply in this industry will decrease.Entrepreneurs are better off using their resources in this industry and some willestablish new firms in this industry.Business owners in this industry are better off doing their best alternativeactivities and some will exit this industry.

The perfect competition would result in the large number of buyers and sellers in the market. The…

Firms in this industry will make economic losses in the short run. The equilibrium market price in this industry will decrease in the long run. The number of sellers in this industry will decrease. The equilibrium market price in this industry will decrease in the short run. Firms in this industry will make positive economic profits in the short run. The equilibrium market price in this industry will increase in the long run. The market supply in this industry will increase.

Firms in this industry will make economic losses in the short run. The equilibrium market price in this industry will decrease in the long run. The number of sellers in this industry will decrease. The equilibrium market price in this industry will decrease in the short run. Firms in this industry will make positive economic profits in the short run. The equilibrium market price in this industry will increase in the long run. The market supply in this industry will increase.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section: Chapter Questions

Problem 4QP

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Question

Firms in this industry will make economic losses in the short run.
The equilibrium market price in this industry will decrease in the long run.
| The number of sellers in this industry will decrease.
The equilibrium market price in this industry will decrease in the short run.
Firms in this industry will make positive economic profits in the short run.
The equilibrium market price in this industry will increase in the long run.
| The market supply in this industry will increase.

A perfectly competitive industry is currently in long-run equilibrium when the
demand for its product suddenly decreases. Which SEVEN of the following will
occur? Incorrect choices will be deducted from correct choices to determine your
mark on this question.
The market supply curve in this industry will shift to the right.
The market supply in this industry will decrease.
Entrepreneurs are better off using their resources in this industry and some will
establish new firms in this industry.
Business owners in this industry are better off doing their best alternative
activities and some will exit this industry.

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