If all of the firms in a competitive industry are legally required to meet new regulations that increase their costs of production the supply of the product will decrease.
A competitive industry permits enterprises to join and exit the market easily and has minimal entry barriers. For example, in a major city, the market for pizza restaurants may be very competitive since anybody may create a new pizza shop and existing owners can close their doors whenever they choose. The Organization of a Competitive Industry. Competition with other businesses is an important component of running any size business, from a startup to a major multinational. Companies must compete for the business of potential customers in competitive marketplaces.
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