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Depends on the license.
Essentially, yes. They can sell it for whatever they like.
However, depending on the license they may have to provide source code to anyone who asks, including the modifications they made to any parts of the code.
Other "Free" licenses are much more free, so they could in fact take the software, modify it, then sell it commercially without ever "giving back" the source code modifications.
In a word: Yes, but it depends on the license if they are fully compliant.
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