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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

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 13P
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a2ec13r.22.3613 « Question 9 of 15 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 c. produce less output; rise O d. earn positive economic profit, rise even higher e. earn posive economic profit; be back at zero 0- Icon Key O
Transcribed Image Text:a2ec13r.22.3613 « Question 9 of 15 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 c. produce less output; rise O d. earn positive economic profit, rise even higher e. earn posive economic profit; be back at zero 0- Icon Key O
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