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ECO 251 Section Quiz Review Flashcards | StudBud
ECO 251 Section Quiz Review
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If there is an increase in market demand in a perfectly competitive market then, in the short run:
A
New firms will enter the market so that each firm makes zero profit.
B
Each firm will increase its quantity produced and make a profit.
C
Each individual firm will not be affected.
D
Firms will exit the industry and drive prices up.
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