Generally, when preferences for a good rise, demand for the good rises. If a perfectly competitive market starts in long-run equilibrium, holding all else constant, this will result in a higher market price, which will lead to in the industry and the market. This causes price to None of these 3 possible answers listed here are correct. economic losses; attracts new firms into; fall economic losses: causes some firms to leave; rise further O positive economic profits, causes some firms to leave; rise further