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1. Explain the reason why the equilibrium price increases when Supply decreases, ceteris paribus. 2. Ceteris Paribus, if the supply of a good decreases, what

1. Explain the reason why the equilibrium price increases when Supply decreases, ceteris paribus.

2. Ceteris Paribus, if the supply of a good decreases, what happens to consumer surplus? Explain.

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