a. Examine the accompanying figure at the top of the next
Chapter 3, Problem 3.2.27(choose chapter or problem)
a. Examine the accompanying figure at the top of the next page. Does the new supply curve represent an increase or decrease in supply. Why? (Again, try picking an arbitrary price and see if at that price, the supplier would want to increase or decrease production.) b. Sketch in a possible demand curve, and label the old and new equilibrium points. What does the shift from the old to the new equilibrium point mean for both consumers and suppliers?
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