Which sequence describes the long-run adjustment process in a competitive market when firms are experiencing short-run economic losses?
a. some firms exit, industry supply decreases, market price falls. b. some firms exit, industry supply decreases, market price rises. c. market price rises, some firms exit, industry demand decreases, market price falls. d. market price falls, some firms exit, industry supply falls.

b. some firms exit, industry supply decreases, market price rises.

Explanation:

A perfect competitive industry is characterised by many buyers and sellers of homogenous goods and services. There are no barriers to entry or exit of firms.

If firms are making economic loss is the short run, in the long run, firms leave the industry. This leads to a fall in supply and prices rise as a result. In the long run, firms in a competitive industry earn zero economic profit.

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the answer is a. $209,000

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;