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a.Explainthe view that an increase in price will lead to an increase in the quantity supplied whilst an increase in supply will lead to a

a.Explainthe view that an increase in price will lead to an increase in thequantity suppliedwhilst an increase insupplywill lead to a decrease in price.

b.Discussthe view that afree marketat competitivemarket equilibriumleads to the most efficientallocation of resourcesfrom society's point of view.

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