jaydabizzyy9565 jaydabizzyy9565

21-04-2020
Business

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A market is in long-run equilibrium and firms in this market have identical cost structures. Suppose demand in this market decreases. Which of the following are correct descriptions of what happens to the individual firms and the whole market as the market first leaves and then returns to long-run equilibrium?

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enobongstanley21 enobongstanley21

25-04-2020

Answer:

It will cause Market price to decrease in the short-run.
There will be short-run decrease on Individual firms' profit-maximizing output .

A good number of Firms will exit the market in the long run.
Finally, market quantity will decrease in the long-run.

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