Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand shrinks permanently and some firms leave the industry and the industry returns back to a long-run equilibrium. what will be the new equilibrium price, assuming cost conditions in the industry remain constant? "
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Home » Business » Suppose that initially the price is $50 in a perfectly competitive market. firms are making zero economic profits. then the market demand shrinks permanently and some firms leave the industry and the industry returns back to a long-run equilibrium.