Consider a competitive market for a consumer product. Suppose this product goes out of fashion with consumers. How will this sudden drop in popularity affect the profit of an individual firm in this market in the long run?
A The profnt of an individual firm increases from a smaller positive value to a larger positive value in the long run.
B. The profht of an individual firm increases from zero to a positive value in the long run.
C. The profit of an individual firm decreases from zero, and the firm will incur a loss in the long run.
D. The profit of an individual firm stays at zero in the long run.
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Consider a competitive market for a consumer product. Suppose this product goes out of fashion with...
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