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In the competitive garoupa fish market, price of the fish is determined by market demand and supply. Using demand/supply illustrations, explain how the events below
In the competitive garoupa fish market, price of the fish is determined by market demand and supply. Using demand/supply illustrations, explain how the events below will affect the equilibrium price and quantity of garoupa fish in the market. a) New technology has been adopted by fishermen to speed up the process of catching the fish in the ocean. (5 marks) b) Buyers expect their income to decrease due to a possible recession forecasted by the government. (5 marks) c) The recent bad weather has resulted in many fishermen avoiding going to the sea to catch fish. (5 marks) d) Buyers expect the price of garoupa fish to rise sharply next week
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