Desribe the effect of this increase in demand

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a perfectly competitive market is in long run equilibrium. at present there are 100 identical firms each producing 5000 units of outputs. the prevailing market pricde is $20. assume that each firm faces increasing marginal cost .now suppose there is sudden increase in demand for industrys product which causes the price of goods to rise to $24 .which of the following desribes the effect of this increase in demand on a typical firm in the industry.

Reference no: EM13187093

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