If firms in a perfectly competitive market are incurring economic losses, then as time passes firms ________ and the market ________.

Name: If firms in a perfectly competitive market are incurring economic losses, then as time passes firms ________ and the market ________.
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In a perfectly competitive market, if firms are incurring economic losses, some firms will exit the market in the long run. This will decrease the supply in the market, which will shift the supply curve to the left.

If Firms in a Perfectly Competitive Market Are Incurring Economic