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QUESTION

If both the demand and supply curve in a competitive market shift to the left, one can predict the direction of change of output but not the price. If tje supply curve shifts to the left but the deman

If both the demand and supply curve in a competitive market shift to the left, one can predict the direction of change of output but not the price. If tje supply curve shifts to the left but the demand curve shifts to the right, one cannot without additional knowledge, be certain about the direction of either the price or the quantity change. Do you agree with these statements? Explain

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