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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 _____.
Trade Discounts
Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers.
List Prices
The pre-discount price at which goods and services are listed to be sold to customers.
FOB Destination
This term refers to a shipping agreement where the seller bears the shipping costs and remains responsible for the goods until they are delivered to the buyer's location.
Purchase Discount
A deduction that a buyer receives on the invoice price of a purchase if the payment is made within a specified period.
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