Assume there is a decrease in the market demand for a good sold by price-taking firms that

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Assume there is a decrease in the market demand for a good sold by price-taking firms that are initially producing the profit-maximizing level of output. For the individual firm, this would result in:

a decrease in both price and the profit-maximizing quantity of output.
a decrease in price and increase in the profit-maximizing quantity of output.
an increase in both price and the profit-maximizing quantity of output.
an increase in price and decrease in the profit-maximizing quantity of output

Related Book For answer-question

Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Posted Date: Feb 11, 2019 10:04 AM

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Assume there is a decrease in the market demand for a good sold by price-taking firms that

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