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Consider a competitive market with a large number of identical firms. What happens to the price if the demand increases in this market? Select one:
Consider a competitive market with a large number of identical firms. What happens to the price if the demand increases in this market? Select one: a. Price will increase in the short run then rise even more in the long run. b. Price will increase in the short run then fall back to its original level in the long run. c. Price will decrease in the short run then fall even more in the long run. d. Price will decrease in the short run then rise to its original level in the long run
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