Assume there is an increase in the number of consumers in the market for a good sold by perfectly competitive firms that are initially producing the profit-maximizing level of output. For the individual firm, this would result in:a. a decrease in price and increase in the profit-maximizing quantity of output. b. an increase in both price and the profit-maximizing quantity of output. c. an increase in price and decrease in profit-maximizing quantity of output. d. a decrease in both price and the profit-maximizing quantity of output.
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