Complete the table of the effects of simultaneous shifts in demand and supply by creating a graph for each scenario. Make sure to show the hypothetical graph for each number. Increase in Demand Decrease in Demand No change in Demand (rightward shift) (leftward shift) Increase in Supply 1. P Q 4. P Q 6. P Q (movement to the right) No change in Por Q No change in Supply 2. PL Q 7. P Q 3. P Q 5. P 8. P Q Decrease in Supply (movement to the left) --
Complete the table of the effects of simultaneous shifts in demand and supply by creating a graph for each scenario. Make sure to show the hypothetical graph for each number. Increase in Demand Decrease in Demand No change in Demand (rightward shift) (leftward shift) Increase in Supply 1. P Q 4. P Q 6. P Q (movement to the right) No change in Por Q No change in Supply 2. PL Q 7. P Q 3. P Q 5. P 8. P Q Decrease in Supply (movement to the left) --
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Complete the table of the effects of simultaneous shifts in demand and supply by creating a graph for each
scenario. Make sure to show the hypothetical graph for each number.
Increase in Demand
Decrease in Demand
No change in Demand
(rightward shift)
(leftward shift)
1. P
Q
4. P
6. P Q
Increase in Supply
(movement to the right)
--
No change in Por Q
No change in Supply
2. PI
7. P Q
Decrease in Supply
3. P Q
5. P Q
8. P Q
(movement to the left)
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