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If there is a decrease in market demand for a product exchanged in a perfectly competitive industry, it results in an industry contraction that will end when the product price is

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A decrease in market demand for a product would end when the product price is decreased.

What is the relationship between price and quantity demanded?

The quantity demanded of a good is inversely related to the price of the good. This means that the higher the price is, the lower the quantity demanded and the lower the price is, the higher the quantity demanded. This is the law of demand.

To learn more about the demand, please check: https://brainly.com/question/25140811

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