Graph the indicated hypothetical movements of demand and supply and state what then happens to both price and quantity. 1. Increase in Supply (movement to the right), Increase in Demand (rightward shift) 2. No change in Supply, Increase in Demand (rightward shift) 3. Decrease in Supply (movement to the left), Increase in Demand (rightward shift)
Graph the indicated hypothetical movements of demand and supply and state what then happens to both price and quantity. 1. Increase in Supply (movement to the right), Increase in Demand (rightward shift) 2. No change in Supply, Increase in Demand (rightward shift) 3. Decrease in Supply (movement to the left), Increase in Demand (rightward shift)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Graph the indicated hypothetical movements of
1. Increase in Supply (movement to the right), Increase in Demand (rightward shift)
2. No change in Supply, Increase in Demand (rightward shift)
3. Decrease in Supply (movement to the left), Increase in Demand (rightward shift)
4. Increase in Supply (movement to the right), No change in Demand
5. Decrease in Supply (movement to the left), No change in Demand
6. Increase in Supply (movement to the right), Decrease in Demand (leftward shift)
7. No change in Supply, Decrease in Demand (leftward shift)
8. Decrease in Supply (movement to the left), Decrease in Demand (leftward shift)
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