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Dante52 Dante52
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A year ago

A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand falls. This causes the marginal revenue curves for existing firms to shift __________ and for these firms to produce __________ output. Some of the existing firms will end up __________.



▸

upward, more, increasing their plant size



▸

downward, less, exiting the market



▸

downward, more, purchasing more capital equipment



▸

upward, less, cutting fixed costs



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
Author:
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GremGrem
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A year ago
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Dante52 Author
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A year ago
Brilliant ツ
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Thank you, thank you, thank you!
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