Refer to the above graph to answer this question. If the demand and supply were both to increase by 200 units, what would be the resulting equilibrium price and
Refer to the above graph to answer this question. If the demand and supply were both to increase by 200 units, what would be the resulting equilibrium price and
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

Transcribed Image Text:O@$70 and 700.
OD) $60 and 700.
OU $60 and 800.

Transcribed Image Text:2100
80
70
50
40
30
20
10
200
400
B00
000 1.000 1,200 1,400 1.400 1,000
Quantity per period
Refer to the above graph to answer this question. If the demand and supply were
both to increase by 200 units, what would be the resulting equilibrium price and
quantity?
A) $70 and 80.
B) $60 and 1,000.
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