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Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469 Exercise 4
EQUILIBRIUM Consider the following graph in which demand and supply are initially D and S , respectively. What are the equilibrium price and quantity? If demand increases to D' , what are the new equilibrium price and quantity? What happens if the government does not allow the price to change when demand increases?
Explanation
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Equilibrium level of price and output:
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Economics 11th Edition by William McEachern
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