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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

As price declines, quantity demanded rises but quantity supplied does not change. Draw the supply and demand curves that represent this state of affairs.

To determine

The demand and supply curves.

Explanation

Figure 1 shows the demand and supply curves.

The horizontal axis of Figure 1 measures the quantity and the vertical axis measures the price.  The initial price level is P2 and it decreases to P1...

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