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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. As a result, existing firms in the market begin to __________. By the time all adjustments have been made, profits will __________.

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earn positive economic profit, rise even higher

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earn positive economic profit; be back at zero

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produce more output; be less than zero

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produce less output; rise

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earn positive economic profit; turn into losses

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Economics

Edition: 12^th

Author: Arnold

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