A market consists of groups of buyers and sellers of a good or service. Market equilibrium represents
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A market consists of groups of buyers and sellers of a good or service. Market equilibrium represents the price at which the quantity of goods supplied is balanced with the quantity of goods consumers are willing and able to buy. Consider the market for iPads. What could change the quantity of iPads consumers are willing and able to purchase? Identify examples of three events since 2010 that have caused changes in the iPad market's equilibrium. For each event, decide whether the supply or demand curve shifted (or both) and in which direction. Explain how the shift could have changed the equilibrium price and quantity.
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