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Suppose that the market for wooden Number 2 lead pencils is in equilibrium. Determine how the following shocks will affect the equilibrium price and quantity.
Suppose that the market for wooden Number 2 lead pencils is in equilibrium. Determine how the following shocks will affect the equilibrium price and quantity. Draw a graph to illustrate
Professors begin to require ink on all exams.
The price of lead increases.
School attendance falls.
Legislation restricts lumber harvests.
Pencil makers receive a large wage increase.
The price of ballpoint pens falls
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