Question

If firms in a competitive market are incurring economic losses, the long-run market supply curve

a. is above the point where the short-run market supply curve and the demand curve intersect.

b. is below the point where the short-run market supply curve and the demand curve intersect.

c. and the short-run market supply curve and the demand curve all intersect at the same point.

d. shifts upward.

e. shifts downward.

Answer

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