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Assume in a simple economic example that two changes occur at the same time in an economy which produces some good called Good X.The first
Assume in a simple economic example that two changes occur at the same time in an economy which produces some good called "Good X".The first change that occurs is a decrease in the cost to produce "Good X". The second change that occurs is an increase in the number of consumers who purchase "Good X". Assume that this is a competitive market, what will happen to the equilibrium price and quantity of "Good X"?
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