When an individual firm in a competitive market decreases its production, it is likely that the market price will rise.
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Q9: Firms operating in perfectly competitive markets try
Q10: A firm is currently producing 100 units
Q11: Because there are many buyers and sellers
Q12: A profit-maximizing firm in a competitive market
Q13: A firm's incentive to compare marginal revenue
Q15: A profit-maximizing firm in a competitive market
Q16: A firm is currently producing 100 units
Q17: The two characteristics of a competitive market
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Q19: In a competitive market, firms are unable
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