Use Figure 14 to show an increase in demand and a decrease in supply. (a) Label each
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Use Figure 14 to show an increase in demand and a decrease in supply. (a) Label each of the curves (S 1 , S 2 , D 1 , and D 2 ). (b) State the original equilibrium price and quantity. (c) State the new equilibrium price and quantity.
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Figure 14
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