How do the price and quantity change for lawn chairs if the number of firms producing lawn chairs increases?

Question

Quizplus · Accepted Answer

When the number of firms producing lawn chairs increases, competition in the market also increases. This typically leads to a decrease in price as firms try to attract more customers. At the same time, the overall quantity of lawn chairs available in the market increases due to the higher number of producers.

How Do the Price and Quantity Change for Lawn Chairs