Question: Assume in a simple example that two changes occur simultaneously in an economy which produces Good X.The first change that occurs is a decrease in

Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X".The first change that occurs is a decrease in the number of sellers/producers in the economy who make "Good X".The second change that occurs is a decrease in the price of a substitute good in consumption (a substitute good to "Good X".)Assume that this is a competitive market, what will happen to the equilibrium price and quantity of "Good X"?Use supply and demand analysis to demonstrate your answer and be sure to provide the rationale behind what is happening and also discuss any interesting observations or outcome

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