Business, 15.04.2020 19:24 momo0528

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. Market price will be above its original level.
c. Existing firms will reduce output in the short run.
d. Existing firms will raise price to cover the reduction in quantity demanded and maintain total revenue in the short run.

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Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market dem...

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