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Suppose that price rises from P2 to P3 in the figure accompanying Past as Prologue 19-1. Draw appropriate lines and label the graph to show

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Suppose that price rises from P2 to P3 in the figure accompanying Past as Prologue 19-1. Draw appropriate lines and label the graph to show the standard price effect and the Veblen effect. Explain. Which effect dominates in this case?

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P m P D 0 Q Q2 Q3 31

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