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hiusy98 hiusy98
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7 years ago
Assume there is a decrease in the market demand for a good sold by price-taking firms that are initially producing the profit-maximizing level of output. How will the market adjust over time?
A) Firms will enter the market, causing price to rise until losses are eliminated.
B) Firms will enter the market, causing price to fall until positive profits are eliminated.
C) Firms will exit the market, causing price to rise until losses are eliminated.
D) Firms will exit the market, causing price to fall until positive profits are eliminated.
Textbook 
Economics for Managers

Economics for Managers


Edition: 3rd
Author:
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toogootoogoo
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7 years ago
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hiusy98 Author
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7 years ago
This course was so challenging before I signed up here, thanks
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