When a firm leaves a perfectly competitive industry,
A) the individual demand curves facing remaining firms shift towards the point of minimum average cost in the long run.
B) short-run industry equilibrium is re-established at a new point along the original short-run industry supply curve.
C) the short-run industry supply curve shifts to the right.
D) at the new long-run equilibrium, the remaining firms in the industry will each receive a higher profit.
Correct Answer:
Verified
Q108: Figure 10-4 Q116: Which of the following is a characteristic Q122: The long run for the industry is Q124: Helga owns Viking, Inc., started with her Q130: The perfectly competitive firm's short-run shutdown rule
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