Explain what will happen to the demand and supply of phones, Microeconomics

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Explain what will happen to the demand and supply of phones

Problem

1. Explain why the equilibrium price is often called the market-clearing price.

2. Suppose an economic boom causes incomes to increase. Explain what will happen to the demand and supply of phones, and predict the direction of the change in the equilibrium price and quantity.

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Microeconomics: Explain what will happen to the demand and supply of phones

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Microeconomics: Explain what will happen to the demand and supply of phones

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