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3.Using supply and/or demand curves, show the effect of each of the following events on the market for product X. Product X becomes more fashionable.

3.Using supply and/or demand curves, show the effect of each of the following events on the market for product X.

Product X becomes more fashionable.

The price of substitute goods for X falls.

A technological advance in the methods of producing X.

A decline in the number of firms in industry X.

Product x price is expected to increase in future

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