Because industry X is characterised by perfect competition, every firm in the industry is earning zero economic profit. If the product price falls, no firm can survive. Do you agree or disagree?

This is [ Select ] ["correct", "incorrect"] .

When price falls, the profits will be [ Select ] ["positive", "negative", "zero"] in SR,

as a result, in LR, firms start [ Select ] ["entering", "exiting"] the industry,

[ Select ] ["increasing", "reducing"] supply until the price [ Select ] ["rises", "falls"] to the point of [ Select ] ["min of long-run AC curve", "max of long-run AC curve", "min of short-run AC curve", "max of short-run AC curve", "min of long-run MC curve", "min of short-run MC curve"] .

The remaining firms will keep earning [ Select ] ["positive", "negative", "zero"] profit.