) In each of the following situations, list what will happen to the equilibrium price and the...
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Question:
) In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.
a.The population increases and the price of inputs increase.b.The price of a complement increases and technology advances.c.The number of firms in the market increases and income increases.d.Price is expected to increase in the future.e.Consumer preference increases and the price of a substitute in production decreases.
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