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MasterPriapis MasterPriapis
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A year ago


Short description: A graph plots quantity against price. Long description: The horizontal axis represents quantity. The vertical axis represents the price. The graph shows two lines. A decreasing line represents demand and an increasing line represents supply. The demand line starts at a point near the top-left of the graph and ends at a point near the bottom-right. The supply line starts at a point near the bottom-left of the graph and ends at a point near the top-right. The two lines intersect at a point. Three horizontal dotted lines are drawn from the points, P subscript 1, P subscript 2, and P subscript 3.

FIGURE 3-5

Refer to Figure 3-5. If supply were to increase and demand were to decrease simultaneously, this would lead to



▸ an increase in equilibrium quantity and an increase in equilibrium price.

▸ a decrease in equilibrium price and an indeterminate change in quantity.

▸ an increase in equilibrium quantity and a decrease in equilibrium price.

▸ a decrease in equilibrium quantity and an indeterminate change in price.

▸ no change in equilibrium price or quantity.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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bodie1980bodie1980
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You make an excellent tutor!
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This helped my grade so much Perfect
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Brilliant ツ
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