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For each of the following statements, determine whether there has been a change in supply or a change in quantity supplied. Draw a demand and
For each of the following statements, determine whether there has been a change in supply or a change in quantity supplied. Draw a demand and supply dia- gram for each situation to show either a movement along the supply curve or a shift of the supply curve. a. The price of Canadian-grown peaches skyrockets during an unusually cold summer that reduces the size of the peach harvest. b. An increase in income leads to an increase in the price of beef and also to an increase in beef sales. c. Technological improvements in the microchip lead to price reductions for laptop computers and an increase in computer sales. d. Greater awareness of the health risks from smoking lead to a reduction in the price of cigarettes and to fewer cigarettes being sold
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