If firm’s collectively increase the level of markup that they charge on goods and service what effect will this

Question

if firm’s collectively increase the level of markup that they charge on goods and service, what effect will this

have on equilibrium output and the equilibrium price level in he medium run?

a) neither prices nor output will change

b) price will increase while output will remain the same

c) price will increase and output will decrease

d)price will increase and output will increase

e) price will decrease and output will increase

Economics