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Title: Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market ... Post by: hiusy98 on Jan 23, 2017 Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market demand for the firm's output. Which of the following will occur?
A) Existing firms will maintain the original level of output, but they will shift their cost functions down in the short run. B) Existing firms will raise price to cover the reduction in quantity demanded and maintain total revenue in the short run. C) Existing firms will reduce output in the short run. D) Market price will be above its original level. Title: Re: Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market ... Post by: sofresh on Jan 23, 2017 Content hidden
Title: Re: Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market ... Post by: hiusy98 on Mar 27, 2017 This course was so challenging before I signed up here, thanks
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