Question
Illustrate each of the following statements. For your graphs fullylabel the axes, the curves and equilibrium price and quantity. Ifthere is a shift in either
Illustrate each of the following statements. For your graphs fullylabel the axes, the curves and equilibrium price and quantity. Ifthere is a shift in either of the curves, draw a new curve label itand use the arrow to show the direction to which the curveshifts. Label the new equilibrium price and quantity.For each case, you must be able to decide whether the demandchanges or the supply changes in order to determine how theequilibrium price and equilibrium quantity changes. Beforecompleting your graph, answer the questions listed to the right-hand side of each graph to help you achieve the correctconclusion.
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