It currently costs $500 to install a new shower in your house. A new law requires each
Question:
a. Illustrate how the demand and supply curves for showers shift as a result of the new law.
b. What happens to the price of a new shower? (Give either the exact new price or a range in which the new price must fall.)
c. Who gains from this new law: Buyers, sellers, both, or neither? Justify your answer.
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a Demand shifts up by 50 Supply shifts vertically up by 200 b The new pri...View the full answer
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