Question: This is an equilibrium graph. The vertical axis is labeled Price and ranges from $0 to $25. The horizontal axis is labeled Quantity and ranges

This is an equilibrium graph. The vertical axis is labeled "Price" and ranges from $0 to $25. The horizontal axis is labeled "Quantity" and ranges from 0 to 25. The supply line is a straight, upward sloping line. It starts at the coordinate (0, 4) and ends at (20, 24). The demand line is a straight, downward sloping line. It starts at the coordinate (0, 24) and ends at (24, 0). If the price is 20, what will happen to price as the market adjusts to equilibrium? Price will (blank). Suppose a new production technology increases the supply of basketballs by 4 units at every possible price. What is the new equilibrium price of basketballs? Do not include the $ in your

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