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Consider the market for pens, which are a normal good. What happens to equilibrium price and quantity of these markers when: a. Income decreases b.

Consider the market for pens, which are a normal good. What happens to equilibrium price and quantity of these markers when:

a. Income decreases

b. The price of ink increases

c. The price of pencils decreases

d. Both b and c happen at the same time

Describe two things that could allow an economy to achieve a production outcome beyond its existing production possibility curve

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