In a perfect competitive market, What happens to market equiLiBrium quantity, output in individual firm, and market price when manufacturers produce less output?
1) Market equiLiBrium quantity increases, output in individual firm decreases, and market price increases
2) Market equiLiBrium quantity decreases, output in individual firm decreases, and market price decreases
3) Market equiLiBrium quantity decreases, output in individual firm decreases, and market price increases
4) Market equiLiBrium quantity increases, output in individual firm decreases, and market price decreases