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Godty Godty
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6 months ago

A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand increases. This causes existing firms in the market to __________ and __________. As a result of the latter, the market supply curve shifts __________.



▸

produce more output; some existing firms to exit the market; leftward



▸

produce less output; new firms to enter the market; rightward



▸

produce more output; new firms to enter the market; rightward



▸

expand their plant size; some existing firms to exit the market; leftward



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
Author:
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dmp7474dmp7474
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Godty Author
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You make an excellent tutor!
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