The market demand curve in a perfectly competitive industry is downward sloping, while the demand curve faced by an individual perfectly competitive firm is horizontal

What is one reason suppliers might offer a discount for quantity purchases?

A) reduced storage costs B) lower marginal cost C) lower marginal benefit D) price gouging

In recent years, the demand for orange juice in the United States has fallen and the supply of orange juice has also fallen, with the decrease in supply being larger than the decrease in demand. In this situation, the equilibrium price of orange juice

will have ________ and the equilibrium quantity of orange juice will have ________. A) decreased; increased B) decreased; decreased C) increased; decreased D) increased; increased