Assume that the market for wheat is purely competitive and in long-run equilibrium. A decrease in the demand for wheat would cause which of the following to occur? Multiple Choice Economic losses would occur in the short-run, driving all firms out of the market and shutting down the industry in the long-run. Economic profits would increase in the short-run; new firms would enter, increasing market supply; and the market would return to long-run equilibrium. Economic losses would occur in the short-run; firms would exit, reducing market supply; and the market would return to long-run equilibrium. No change in economic profits in either the short-run or long-run, as firms lack the ability to change the market price