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2 E E 2 The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good). P 1. Draw and Label Equilibrium: 2. The Change: Supply or Demand Increase or Decrease Shifter 3. After: Price 4. Why? Quantity

2 E E 2 The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good). P 1. Draw and Label Equilibrium: 2. The Change: Supply or Demand Increase or Decrease Shifter 3. After: Price 4. Why? Quantity

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
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2 E E 2 The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good). P 1. Draw and Label Equilibrium: 2. The Change: Supply or Demand Increase or Decrease Shifter 3. After: Price 4. Why? Quantity
Transcribed Image Text:2 E E 2 The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good). P 1. Draw and Label Equilibrium: 2. The Change: Supply or Demand Increase or Decrease Shifter 3. After: Price 4. Why? Quantity
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