Assume there is an increase in demand in a perfectly competitive market that was initially in long-run equilibrium. Which of the following statements is false?
a. Consumers have shown that they now consider the good to be more valuable.
b. In the short-run profits will be lower than normal.
c. Resources from other industries will be attracted into the market.
d. Over time, the market supply curve will shift right
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Home » Business » Assume there is an increase in demand in a perfectly competitive market that was initially in long-run equilibrium. Which of the following statements is false? a. Consumers have shown that they now consider the good to be more valuable. b.