If the market demand decreases for a good sold in a perfectly competitive market, firms in the market:
A. will be able to charge a higher price for their product.
B. will receive a lower price for their product.
C. will not be able to change their price.
D. will not be affected by the change in demand.
Answer:B
If the market demand decreases for a good sold in a perfectly competitive market, firms in the market:
A. will be able to charge a higher price for their product. B. will receive a lower price for their product. C. will not be able to change their price. D. will not be affected by the change in demand.