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2.Briefly explain whether each of the following statements is true or false. a.If the demand and supply for a product both increase, the equilibrium quantity

2.Briefly explain whether each of the following statements is true or false.

a.If the demand and supply for a product both increase, the equilibrium quantity of the product must also increase

b.If the demand and supply for a product both increase, the equilibrium price of the product must also increase

c.If the demand for a product decreases and the supply of the product increases, the equilibrium price of the product may increase or decrease, depending on whether supply or demand has shifted more.

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