Draw a smooth, upward-sloping curve to represent supply in the entire soap market and label it Supply
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Draw a smooth, upward-sloping curve to represent supply in the entire soap market and label it “Supply1.” Suppose that because firms in the soap market are experiencing losses, some shut down. Draw a new market supply curve on the same graph as the old one, showing the general effect of the decrease in the number of firms, and label it “Supply2.”
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