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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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