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Show the outcome (that is, the effect) of the following events on Demand, Supply and the equilibrium price and quantity. A. Consider the MARKET FOR

Show the outcome (that is, the effect) of the following events on Demand, Supply and the equilibrium price and quantity.

A. Consider the MARKET FOR BICYCLES. Event: The price of gasoline increases by 40%.

What happens to:

Indicate any changes (e.g., increase (or ), decrease (or ) , or stays the same):

Demand

Supply

Equilibrium Price

Equilibrium Quantity

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