A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand increases. As a result, existing firms in the market begin to By the time all adjustments have been made, profits will O a. produce more output; be less than zero O b. earn positive economic profit; turn into losses O c. produce less output; rise O d. earn positive economic profit, rise even higher e. earn posiive economic profit; be back at zero

A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand increases. As a result, existing firms in the market begin to By the time all adjustments have been made, profits will O a. produce more output; be less than zero O b. earn positive economic profit; turn into losses O c. produce less output; rise O d. earn positive economic profit, rise even higher e. earn posiive economic profit; be back at zero

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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