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Assume the market for ceiling fans is perfectly competitive and currently in equilibrium. If the demand increases, while the supply decreases, then: a) We can

Assume the market for ceiling fans is perfectly competitive and currently in equilibrium. If the demand increases, while the supply decreases, then:

a) We can be certain the equilibrium price will increase.

b) We can be certain the equilibrium quantity will increase.

c) Both (a) and (b)

d) None of the above.

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