When a firm exits a competitive price-searcher market, the individual demand curves faced by all remaining firms in that market will shift to right.
A market is a system, institution, process, social relationship, or infrastructure configuration that parties exchange. Although parties can exchange goods and services through barter, most markets rely on sellers offering goods and services to buyers in exchange for money.
Market structure refers to how different industries are classified and differentiated based on the degree and type of competition for services and goods. Four well-known types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.
The market is described as the sum of all buyers and sellers in the region or regions under consideration.
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