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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

“An increase in the demand for notebooks raises the quantity of notebooks demanded but not the quantity supplied.” Is this statement true or false? Explain.

To determine
Increase in demand and the equilibrium position.

Explanation

The statement is false, which can be proved using Figure 1 shown below.

Figure 1 illustrates change in the equilibrium quantity due to the shift in the demand curve.

Figure 1 illustrates the increase in demand of notebook in the market...

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