Illustrate the changes in Demand, Supply and Equilibrium
Illustrate the changes in Demand, Supply and Equilibrium?
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Changing demand by way of supply held constant:
1. Increase in demand will have effect of increasing equilibrium price and quantity.
2. Decrease in demand will have effect of decreasing equilibrium price and quantity
Changing supply by way of demand held constant:
1. Increase in supply will have effect of decreasing equilibrium price and increasing quantity.
2. Decrease in supply will have effect of increasing equilibrium price and decreasing quantity.
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Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Discover Q & A Leading Solution Library Avail More Than 1453941 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1960542 Asked 3,689 Active Tutors 1453941 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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