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General Snacks Is a Typical Firm in a Market Characterized

Question 183

Multiple Choice

General Snacks is a typical firm in a market characterized by monopolistic competition. Initially, the market is in long-run equilibrium, and then there is an increase in the market demand for snacks. In the short run the price of snacks will _____ and the output of snacks will _____.


A) fall; fall
B) remain unchanged; remain unchanged
C) rise; fall.
D) rise; rise

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