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3. With appropriate examples, explain change in quantity demanded and change in demand (Bonus point for graphical explanation). 4. Refer to the following graph. Define

3. With appropriate examples, explain change in quantity demanded and change in demand (Bonus point for graphical explanation). 4. Refer to the following graph. Define and identify demand price, supply price, consumer's surplus, and producer's surplus. Note: for full credit, you must define each term and then identify the point or area on the graph. P A E C B H

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