How will the following event(s) affect demand and/or supply and equilibrium price (p*) and equilibrium quantity (q*) in a competitive market?   Please describe whether the demand and/or supply curve shift right or left and the final impact on equilibrium price (P*) and equilibrium quantity (q*). You must say whether equilibrium price and quantity will go up, down, or if it cannot be determined (indeterminate or “?”).   Market: paint. Event: a hailstorm forces some of the paint manufacturers to shut-down.

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