Matildajayne8249 Matildajayne8249

25-11-2022
Business

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Suppose that the market for haircuts in a community is perfectly competitive and that the market is initially in long-run equilibrium. Subsequently, an increase in population increases the demand for haircuts. In the short run, the market price will _ and the output of a typical firm will _.
-rise; rise
-fall; fall
-fall; rise
-rise; fall

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