Catfish farming is a perfectly competitive industry.Catfish farmers suffered tremendous economic losses in the late 2000s.As a result,

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In a perfectly competitive market, firms will exit the market if they are unable to cover their average total cost in the long run. The economic losses in the catfish farming industry in the late 2000s would indicate that some catfish farmers were unable to cover their costs and therefore exited the market. This would result in a decrease in the number of catfish farmers in the industry.

Catfish Farming Is a Perfectly Competitive Industry