firms enter a purely competitive industry, then in the long run this change will shift the industry: Multiple Choice demand curve to the left, and the market price will decrease. supply curve to the right, and the market price will decrease. demand curve to the right, and the market price will increase. supply curve to the left, and the market price will increase.

firms enter a purely competitive industry, then in the long run this change will shift the industry: Multiple Choice demand curve to the left, and the market price will decrease. supply curve to the right, and the market price will decrease. demand curve to the right, and the market price will increase. supply curve to the left, and the market price will increase.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section8.5: Long-run Supply Curves Under Perfect Competition

Problem 1YTE

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Question

If firms enter a purely competitive industry, then in the long run this change will shift the industry:
Multiple Choice
demand curve to the left, and the market price will decrease.
supply curve to the right, and the market price will decrease.
demand curve to the right, and the market price will increase.
supply curve to the left, and the market price will increase.

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