If a firm in a perfectly competitive industry raises its price above market price,

A) total revenue for the firm will increase.
B) profit will increase.
C) sales will drop to zero.
D) demand curves will become downward sloping.

Perfectly Competitive Industry

A theoretical market structure where there are many buyers and sellers, homogeneous products, no barriers to entry and exit, and perfect information, leading to an efficient allocation of resources.

Market Price

The existing rate at which a service or asset is available for purchase or sale on the open market.