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bananas87 bananas87
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10 months ago

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 __________.



▸

earn positive economic profit, rise even higher



▸

earn positive economic profit; be back at zero



▸

produce more output; be less than zero



▸

produce less output; rise



▸

earn positive economic profit; turn into losses

Textbook 
Economics

Economics


Edition: 12th
Author:
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jp50jp50
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10 months ago
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bananas87 Author
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10 months ago
Thanks for your help!!
carston
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Yesterday
Thanks
TheMoffattMan
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2 hours ago
This helped my grade so much Perfect
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