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3) What will happen to the equilibrium, equilibrium price and quantity in the market for Levi's Jeans if the following event occurs? 1. The price

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3) What will happen to the equilibrium, equilibrium price and quantity in the market for Levi's Jeans if the following event occurs? 1. The price of denim cloth decreases II. A young group of consumers becomes crazy about Levi's III. Rumor is started that leads consumers to believe jeans will be more expensive (producers know the rumor is untrue)

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