Assume in a simple example that two changes occur simultaneously in an economy which produces Good X.
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Question:
- Assume in a simple example that two changes occur simultaneously in an economy which produces “Good X”.
- The economic changes that occurs in the market are: 1) A decrease in the number of sellers who produce “Good X”, and 2) An increase in consumer tastes & preferences for “Good X”, for those consumers who purchase the product “Good X”.
- Assume that this is a competitive market, what will happen to the market selling price and the market quantity that is bought and sold in the market for “Good X”?
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