If Market Demand Decreases in a Market Previously in Long-Run

Multiple Choice

If market demand decreases in a market previously in long-run equilibrium,

A) the number of firms increases as each firm downsizes.
B) it is an indication that the industry has not kept up with new technology.
C) market price first rises and then falls in the movement to a new long-run equilibrium.
D) the immediate or short-run effect is a decrease in market price.
E) the industry ceases to exist.