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A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand ...

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A perfectly competitive market is initially in long-run competitive equilibrium. Then, market demand ...

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 __________.

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

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

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

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

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none of the above

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Economics

Edition: 12^th

Author: Arnold

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