Suppose a competitive market is comprised of firms that face identical cost curves. The firms experience an increase in demand that results in positive profits for the firms. Which of the following events are then most likely to occur?
A) (i) and (ii) only
B) (i) and (iii) only
C) (ii) and (iii) only
D) (i) , (ii) and (iii)
Correct Answer:
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