In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic

Name: In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
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In a perfectly competitive market, a permanent decrease in demand leads to lower prices, which can result in economic losses for firms. These losses, in turn, incentivize some firms to exit the market to avoid further losses.

In a Perfectly Competitive Market, a Permanent Decrease in Demand