Either graphically or descriptively, describe how an individualfirm in a perfectly competitive market with other identical firmsresponds to an inward shift (decrease) in the demand curve fortheir product and the short run and long run implications this hasfor the market price and quantity. Additionally, illustrate eithergraphically or descriptively how the elasticity of supply for bothfirms and the market typically changes from the short-run to thelong-run.
