Suppose the demand for athletic shoes increases rapidly during 2020. At the same time, six more firms
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Suppose the demand for athletic shoes increases rapidly during 2020. At the same time, six more firms begin producing athletic shoes. A student remarks that, because of these events, we can’t know for certain whether the price of athletic shoes will rise or fall. Briefly explain whether you agree. Be sure to include a demand and supply graph of the market for athletic shoes to illustrate your answer.
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