If profits are not zero, firms will produce higher-quality goods. If profits are

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If profits are not zero, firms will produce higher-quality goods. If profits are not zero, marginal revenue will rise. If profts are not zero, marginal cost will rise. Save Question 15 (2 points) If an industry is in long-run competitive equilibrium and experiences a decrease in demane then as a result the equilibrium price will , which will cause the representative curve to shift downward and some firms will the industry. rise: marginal cost; enter fall; marginal cost; enter rise; marginal revenue: enter fall: demand; exit fall: marginal cost; exit Save ved Question 16 (2 points)

Explanation / Answer

fall; demand; exit

the above is the answer

because lower demand would reduce price which would also led to further decline in demand resulting in downward shift on demand curve leading to the point that some firms would exit the industry.

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