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QUESTION
3. (Equilibrium) Consider the following graph in which demand and supply are initially D and S, respectively. What are the equilibrium price and
3. (Equilibrium) Consider the following graph in which demand and supply are initially D and S, respectively. What are the equilibrium price and quantity? Id demand increases to D’, what are the new equilibrium price and quantity? What happens if the government does not allow the price to change when demand increases?
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