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Consider the market for two competing brands of smart televisions: Brand A and Brand B. Draw an initial demand curve (D1) and a supply curve
Consider the market for two competing brands of smart televisions: Brand A and Brand B. Draw an initial demand curve (D1) and a supply curve ($1) for Brand A, ensuring your axes (representing price and quantity) and curves are properly labelled. Now suppose a significant decrease in the price of Brand B's televisions due to a clearance sale leads to a decrease in the demand for Brand A's televisions. On the same graph, illustrate this change by drawing a new demand curve (D2) and identify and label the initial equilibrium price and quantity (P1, Q1), and the new equilibrium (P2, Q2) following the shift in demand
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