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a. when new firms enter a market, existing firms will sell than before, and their market power will . b. when firms exit a market, remaining firms will sell than before, and their market power will . c. if there is free exit from and entry into an industry, long-run economic profits will be for firms in that industry.

Respuesta :

Demand for existing businesses will decline when new ones enter the market. It will move to the left, which will result in less output. Existing enterprises' market dominance will decline as a result of the influx of new competitors.

What is a perfectly competitive market?

There are many buyers and sellers in a market that is perfectly competitive. However, because the price has been set by the market, neither side has any control over it.

Economic players in a market with perfect competition are also aware of the circumstances and have knowledge about the industry. In a market that is very competitive, the government does not intervene.

Because it is thought to be capable of ensuring the realization of market efficiency, perfect competition markets are regarded as the most ideal kind of markets. In addition to having a high number of vendors and consumers, a market with perfect competition also has uniform products for sale.

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