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An existing firm will exit a perfectly competitive industry in the long run if O total revenue is greater than total cost. O price is greater than average total cost. O average total cost is greater than price. O Both a and b are correct. Question 11 The exit of existing firms in a competitive market will O increase market supply and increase market price. O increase market supply and decrease market price. O decrease market supply and increase market price. O decrease market supply and decrease market price