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d) Assume that the market for petrol can be analysed using the competitive market model. Using an appropriate diagram, illustrate the impact of the increase

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d) Assume that the market for petrol can be analysed using the competitive market model. Using an appropriate diagram, illustrate the impact of the increase in oil prices on firms producing petrol in theshort- run (oil is the main input for producing petrol). What happens to their profits in the short-run and in the long-run? (7 marks) bert graphs and explain here

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