content area Part 1 Which of the following describes the sequence of events in a competitive market if demand were to increase? A. Market price decreases, economic profits decrease, short-run market supply decreases, long-run supply settles at minimum AVC B. Market price increases, economic profits increase, short-run market supply increases, long-run supply settles at minimum ATC C. Market price decreases, economic profits decrease, short-run market supply increases, long-run supply settles at minimum ATC D. Market price increases, economic profits increase, short-run market supply decreases, long-run supply settles at minimum AVC