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For each of the following changes, show the effect on the demand curve and state what will happen to market equilibrium price and quantity in
For each of the following changes, show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run.
i. The price of a substitute good rises.
ii. Consumer incomes fall, and the good is normal. iii. Consumer incomes fall, and the good is inferior.
iv. A medical report is published showing that this good is hazardous to your health.
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