2. Good X is produced in a competitive market using input A. Explain what would happen to...
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2. Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations:
a. The price of input A increases.
b. An excise tax of $1 is imposed on good X.
c. An ad valorem tax of 5 percent is imposed on good X.
d. Atechnological change reduces the cost of producing additional units of good X.
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