Question: use a supply and demand graph to illustrate the effect of the give shock on the equilibrium price and quantity in the specified competitive market.

use a supply and demand graph to illustrate the effect of the give shock on the equilibrium price and quantity in the specified competitive market. Explain whether there is a shift in the demand curve, the supply curve or nether.

Question: The government introduces a tax on ice cream which is paid by producer. What is the effect in the ice cream market?

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