Question: 1.A sudden decrease in the market demand in a competitive industry leads to a. Losses in the short-run and average profits in the long-run b.

1.A sudden decrease in the market demand in a competitive industry leads to

a.

Losses in the short-run and average profits in the long-run

b.

Above average profits in the short-run and average profits in the long-run

c.

New firms being attracted to the industry

d.

Demand creating supply

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