In a Perfectly Competitive Market That Is in Long-Run Equilibrium

question 144

Multiple Choice

In a perfectly competitive market that is in long-run equilibrium, a permanent leftward shift in the market demand curve

• A) raises the price in the short run.
• B) raises profits in the short run.
• C) leads to firms leaving the market in the long run.
• D) raises the price at first but then returns it to its original level in the long run.

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