Which sequence describes the long-run adjustment process in a competitive market when firms are experiencing short-run economic losses?
a. some firms exit, industry supply decreases, market price falls. b. some firms exit, industry supply decreases, market price rises. c. market price rises, some firms exit, industry demand decreases, market price falls. d. market price falls, some firms exit, industry supply falls.

b. some firms exit, industry supply decreases, market price rises.

Explanation:

A perfect competitive industry is characterised by many buyers and sellers of homogenous goods and services. There are no barriers to entry or exit of firms.

If firms are making economic loss is the short run, in the long run, firms leave the industry. This leads to a fall in supply and prices rise as a result. In the long run, firms in a competitive industry earn zero economic profit.

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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