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The model of monopolistic competition characterizes a city's market for plumbing services.Suppose that the market is initially in long-run equilibrium,and then overall demand for plumbing services increases.In the short run,the price for plumbing services will _____ and total output in the market will _____.
Productivity Ratio
A measure of the efficiency of production, calculated as the ratio of outputs produced to the inputs used in the production process.
Operations Management Trend
Emerging patterns or changes in operations management that reflect new practices, technologies, or approaches to optimizing business processes.
Knowledge Society
A society where the creation, distribution, and manipulation of information are significant economic, political, and cultural activities.
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