Top Posters
Since Sunday
w
3
w
3
e
3
3
r
3
g
2
2
b
2
M
2
V
2
f
2
c
2
New Topic  
shayanbk shayanbk
wrote...
Posts: 135
Rep: 0 0
2 years ago
If firms in a competitive industry are suffering economic losses, then one would expect that in the long run,

▸ the supply curve for the product will shift to the left as firms leave the industry, causing industry output to fall and price to rise.

▸ the supply curve for the product will shift to the right as individual firms lower their prices to increase their sales.

▸ there would be no change in the number of firms in the industry as long as firms are covering their average variable costs.

▸ the demand curve for the product will shift to the left, causing equilibrium output and price to decline.

▸ each firm would raise its price until it was breaking even.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 45 times
1 Reply
Replies
Answer verified by a subject expert
webmom2008webmom2008
wrote...
Posts: 144
Rep: 0 0
2 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

shayanbk Author
wrote...

2 years ago
Good timing, thanks!
wrote...

Yesterday
Smart ... Thanks!
wrote...

2 hours ago
Thanks for your help!!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  463 People Browsing
Related Images
  
 304
  
 388
  
 145
Your Opinion
Which of the following is the best resource to supplement your studies:
Votes: 374