A market is in long-run equilibrium and firms in this market have identical cost structures. Suppose demand in this market decreases. Which of the following are correct descriptions of what happens to the individual firms and the whole market as the market first leaves and then returns to long-run equilibrium? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. 3 Market price will decrease in the long-run. 1 Market quantity will remain the same in the long-run. 2 Market price will decrease in the short-run. Individual firms' profit-maximizing output will decrease in the short-run. Firms will enter into the market in the long run. ? Market quantity will decrease in the long-run. ? Individual firms' profit-maximizing output will decrease in the long-run. ? Firms will exit the market in the long run.
