Joe's Shiny Shoes is a firm that operates in a competitive market. What action will Joe take if the number of firms in the shoe market increases? If the number of firms in the shoe market increases, Joe will .

cut back on production.

Explanation: A competitive market simply means one which feature many producers willing to produce or provide the necessary consumer goods required. The market is competitive because no single producer can make a decision on the price of product being produced because the withdrawal of such producer won't be felt due to the large number of producers available and ready to satisfy the demands of the consumers.

The number of firms in a competitive market will tend to increase when existing firms make reasonable economic profit. And with the number of firms vying to produce the same goods increasing, cutting back production seems to be a reasonable move, that is reduction in production rate in other to control for the likely impact whuch could occur due to the influx of new production firms.

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

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