Question

When an individual firm enters into competition by changing the price of its product it is known as: A.product competition B.non price competition C.price competition D.all​

Answer 1

Answer:

Entry of many new firms causes the market supply curve to shift to the right. As the supply curve shifts to the right, the market price starts decreasing, and with that, economic profits fall for new and existing firms. As long as there are still profits in the market, entry will continue to shift supply to the right.

Explanation:

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