In a Perfectly Competitive Market, an Increase in Market Demand

question 7

Multiple Choice

In a perfectly competitive market, an increase in market demand

• A) raises the price in the short run and attracts new firms in the long run.
• B) raises the price in the short run and the long run.
• C) lowers the price in the short run and in the long run.
• D) has no effect on the price in either the short run or the long run because the firms are price takers.

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