The price of aspirin rose sharply last month, whilethe quantity sold remained the same. Five peoplesuggest various diagnoses of the phenomenon:Meredith: Demand increased, but supply wasperfectly inelastic.Alex: Demand increased, but it wasperfectly inelastic.Miranda: Demand increased, but supplydecreased at the same time.Richard: Supply decreased, but demand wasunit elastic.Owen: Supply decreased, but demand wasperfectly inelastic.Who could possibly be right? Use graphs to explainyour answer.

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