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Assume the market for a good produced by perfectly competitive firms is currently in equilibrium ...

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Assume the market for a good produced by perfectly competitive firms is currently in equilibrium ...

Assume the market for a good produced by perfectly competitive firms is currently in equilibrium (economic profit = 0). Now assume there is a decrease in market demand for the good. Analyze the short-run effects of the decrease in demand on equilibrium market price and output. What has happened to the profits of each of the firms in the industry? Over time, what will happen to the number of firms in the industry? Why?

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Economics for Managers

Edition: 3^rd

Author: Farnham

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