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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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