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Answered Same Day Dec 23, 2021

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Robert answered on Dec 23 2021
129 Votes
Q1
The statements clearly show that supply has decreased, and it can be shown by left shift of supply curve. We also see that demand has fallen due to price rise , which is shown as left shift of demand curve. These two shifts combine to reduce the equili
ium output. The effect on equili
ium price depends on relative changes in demand and supply.
If fall in demand = fall...
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