Fabric is used to make dresses. If the price of fabric increases what is likely to happen to the equilibrium price and quantity for dresses? If price stays the same would that be equilibrium? Why or why not? What will eventually happen in the market? What happens to equilibrium price and quantity? Which quantity is affected and how do you know? Illustrate using a graph.
Fabric is used to make dresses. If the price of fabric increases what is likely to happen to the equilibrium price and quantity for dresses? If price stays the same would that be equilibrium? Why or why not? What will eventually happen in the market? What happens to equilibrium price and quantity? Which quantity is affected and how do you know? Illustrate using a graph.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 23P
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Please answer all parts of the question, thank you
Fabric is used to make dresses.
If the price of fabric increases what is likely to happen to the equilibrium price and quantity for dresses?
If price stays the same would that be equilibrium? Why or why not?
What will eventually happen in the market?
What happens to equilibrium price and quantity?
Which quantity is affected and how do you know?
Illustrate using a graph.
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