You are the manager of a bagel producer that is in a perfectly competitive industry comprised of identical firms. The cost of flour used to produce bagels decreases from $25 to $20 per hundred pounds. In the short run, the fall in the price of flour shifts your cost curve You should your production to maximize your profits. What are the long run adjustments that take place in the market? O A. The market supply curve will shift leftward until the equilibrium price is at the minimum of the firms' new LAC. O B. The market supply curve will shift rightward until the equilibrium price is at the minimum of the firms' new LAC. O C. The market demand curve will shift leftward until the equilibrium price is at the minimum of the firms' new LAC. O D. The market demand curve will shift rightward until the equilibrium price is at the minimum of the firms' new LAC. What long-run decisions will you make as the manager of your firm? (Check all that apply.) A. You would plan for the price to rise as new firms enter the market. OB. You would be cautious about increasing the scale of your production because the price will fall due to entry by new firms. O C. You would be cautious about decreasing the scale of your production because the price will rise due to entry by new firms. OD. You would plan for the price to fall as new firms enter the market.In the long run, why does a firm in a perfectly competitive market produce the quantity that minimizes its long-run average cost (LAC)? (Check all that apply.) O A. If the price is higher than the minimum LAC, the firms would make an economic profit. OB. If the price is higher than the minimum LAC, new firms would enter the market, increasing the supply and lowering the price until the price equals the minimum LAC. O C. If the price is lower than the minimum LAC, new firms would enter the market, increasing the supply and raising the price until the price equals the minimum LAC. D. If the price is lower than the minimum LAC, the firms would make an economic profit