The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, --will---------the industry so that the market supply curve shifts to the ------------until prices----------sufficiently to allow all firms to make a normal profit only. P MC Unit revenue and cost R13 R10 Es AC AR = MR 1200 Quantity a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise

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