Fill in the blanks to complete the following statements.
"Assume a perfectly competitive market is initially in long-run equilibrium.In the short run,a decrease in raw materials prices will cause the firm's average costs to ________.As a result,the profits of existing firms will ________.However,over the long run,this will cause the number of firms in the market to ________,and market price will ________ until firms once again earn a ________."

Question

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The Answer of Fill in the blanks to complete the following statements.
"Assume a perfectly competitive market is initially in long-run equilibrium.In the short run,a decrease in raw materials prices will cause the firm's average costs to ________.As a result,the profits of existing firms will ________.However,over the long run,this will cause the number of firms in the market to ________,and market price will ________ until firms once again earn a ________."

Fill in the Blanks to Complete the Following Statements