a) In Figure 7, if the supply curve is S 1 , how much are equilibrium price
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a) In Figure 7, if the supply curve is S1 , how much are equilibrium price and quantity? b) If the supply changes from S1 to S2 , does that represent an increase or decrease in supply? c) How much are the new equilibrium price and quantity?
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Price ($) 16 15 14 13 12 11 10 9 8 Figure 7 4 8 S 12 16 20 24 28 32 36 Quantity S D
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