Scenario: Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated and they rose dramatically. As a result, the quantity demanded for bread dramatically fell and the quantity supplied for supplied rose sharply. Change in Demand * Increase Decrease Did not Change O Indeterminate Change in Supply * Decrease Did not Change O Indeterminate Graph * So So Do Do B O B So So Do D Q D D P So So Do D, Do E F S1 So So Do Do G H G O H So Do Do Q Q So Do D1 -Q K K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate O O O O
Scenario: Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated and they rose dramatically. As a result, the quantity demanded for bread dramatically fell and the quantity supplied for supplied rose sharply. Change in Demand * Increase Decrease Did not Change O Indeterminate Change in Supply * Decrease Did not Change O Indeterminate Graph * So So Do Do B O B So So Do D Q D D P So So Do D, Do E F S1 So So Do Do G H G O H So Do Do Q Q So Do D1 -Q K K Change in market equilibrium price. * Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity. * Increase Decrease Did not Change Indeterminate O O O O
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
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