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9. What long run adjustments will take place in a perfectly competitive market if rms are incurring economic losses? a. Firms will exit the market, market demand will decrease, prices will increase and economic prots will go to zero. b. Firms will exit the market, market supply will decrease, prices will increase and economic prots will go to zero. c. Firms will exit the market, market supply will decrease, prices will decrease and economic prots will go to zero. (1. Firms will exit the market, market demand will increase, prices will increase and economic prots will go to zero. e. All rms will shut down in the market and the market will cease to exist. 10. True or False: The reason perfectly competitive rms earn zero economic prots in the long run is because they are price-takers. a. True b. False