Answer to Question #15748 in Microeconomics for amanda

Question

4. What will happen to equilibrium price and quantity? For each scenario draw a basic supply-demand diagram and use dotted lines to show changes in equilibrium prices and quantities. Using words or symbols, predict the impact on equilibrium price and quantity.
a. Demand increases and supply stays the same.
b. Supply increases and demand stays the same.
c. Demand decreases and supply stays the same.
d. Demand increases and supply decreases.
e. Demand and supply both increase.

Answer 1

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