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 a lower price, causing firms to incur economic losses. As a result, some firms will exit the market, reducing supply until the market returns to equilibrium.

In a Perfectly Competitive Market, a Permanent Decrease in Demand