If a perfectly competitive market is in long-run equilibrium and there is a permanent decrease in demand, then

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In a perfectly competitive market, a permanent decrease in demand will lead to a lower market price. In the short run, this can cause some firms to incur economic losses as the price may fall below their average total cost. In the long run, firms that cannot cover their costs will exit the market, restoring equilibrium.

If a Perfectly Competitive Market Is in Long-Run Equilibrium and There