c) its average variable cost curve above the marginal revenue curve. b) its marginal cost curve above the average total cost curve. A perfectly competitive firm's supply curve is equal to a) its marginal cost curve above the average variable cost curve. c) the supply curve for the product will shift to the left as firms leave the industry, causing industry output to fall and price to rise, d) the supply curve for the product will shift to the right as individual firms lower their prices to increase their sales 89. b) there would be no change in the number of firms in the industry as long as firms are covering their average variable costs. If firms in a perfectly competitive industry are suffering economic losses, then one would expect that in the long run a) the demand curve for the product will shift to the left, causing equilibrium output and price to decline.
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