which block does the network eventually accept, and what happens to the transaction included only in the block that loses? Do those transactions disappear completely or return to Memory pool.
We will have two chains, and the next block will determine which one wins.
Assume that we have chains A and B, and each has N blocks.
The chain that receives the block N+1 first will become the winning chain and the network will ignore the other chain.
Transactions that were included in the losing chain but not in the winning chain will be treated as unconfirmed transactions and can be included in any of the next blocks.