More-efficient firms will be attracted into the industry

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Consider a perfectly competitive firm whose minimum average total cost is $100. This firm is representative of all the firms in the market. If the market price is $80, then in the long run a. market supply will fall b. new, more-efficient firms will be attracted into the industry c. all the firms currently operating will increase output d. total market output will rise e. the firm's average revenue will fall

Reference no: EM131164520

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