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Please help me with this microeconomics question: Draw a supply and a demand curve and label the market equilibrium on the axes with P1 and
Please help me with this microeconomics question:
Draw a supply and a demand curve and label the market equilibrium on the axes with P1 and Q1.
In the same graph illustrate the effect of an increase in supply. Label the new equilibrium values on the axes with P2 and Q2.
Explain the market adjustment leading to the new equilibrium.
Show the relevant elements of your explanation in the graph.
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