Carefully explain what is happening in the following market indicate the impact if any on demand, supply, price, and quantity. In the new academic year the university mandates that all new students must take principles of economics as a core requirement for their majors. Concurrently, the bookshop made their order for principles of economics textbook based on the number of registered students in the previous academic year. Hint: in the previous academic year only economics and management studies majors were required to take princi
Carefully explain what is happening in the following market indicate the impact if any on demand, supply, price, and quantity.
In the new academic year the university mandates that all new students must take principles of economics as a core requirement for their majors. Concurrently, the bookshop made their order for principles of economics textbook based on the number of registered students in the previous academic year.
Hint: in the previous academic year only economics and management studies majors were required to take principles of economics.
Impact on supply:_____________
Impact on price:_____________
Impact on quantity:______________
Impact on demand: _______________
USE THE OPTIONS BELOW TO FILL IN THE BLANK SPACES:
- Impact on supply
- Change in quantity is uncertain
- decrease
equilibrium price - Increase towards equilibrium shift towards / to right
- Excess demand
- decrease towards equilibrium
- Shift inwards / to lift
- Increase
equilibrium quantity excess supply - shift outwards / to right decrease equilibrium quantity change in price uncertain
- increase equilibrium price
- no impact
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