Consider the market for wood burning stoves, if there is a decrease in the price of electricity and natural gas. Graph and answer the following Change in Demand  a. Increase b. Decrease c. Did not change d. Indeterminate Change in Supply a. Increase b. Decrease c. Did not change d. Indeterminate Change in equilibrium price a. Increase b. Decrease c. Did not change d. Indeterminate Change in equilibrium quantity a. Increase b. Decrease c. Did not change d. Indeterminate

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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 Consider the market for wood burning stoves, if there is a decrease in the price of electricity and natural gas. Graph and answer the following

Change in Demand 

a. Increase

b. Decrease

c. Did not change

d. Indeterminate

Change in Supply

a. Increase

b. Decrease

c. Did not change

d. Indeterminate

Change in equilibrium price

a. Increase

b. Decrease

c. Did not change

d. Indeterminate

Change in equilibrium quantity

a. Increase

b. Decrease

c. Did not change

d. Indeterminate

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