After an increase in demand because of a change in consumer tastes attracts new firms into an industry with economic profits Blank______. Multiple choice question. the market supply of the product will decrease, the product price will drop and economic profits will disappear when price and minimum ATC are equal the market supply of the product will increase, the product price will rise and economic profits will disappear when price and minimum ATC are equal the market supply of the product will increase, the product price will drop and economic profits will disappear when price and minimum ATC are equal the market supply of the product will decrease, the product price will rise and economic profits will disappear when price and minimum ATC are equal