For each of the following changes, state what will happen to demand and market equilibrium price and
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For each of the following changes, state what will happen to demand and market equilibrium price and quantity in the short run?
a) The price of a substitute good rises.
b) Consumer incomes fall, and the goods are inferior.
c) A medical report is published showing that this good is hazardous to your health.
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a Since substitute good is costlier consumers would buy more o...View the full answer
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