Question: Using a supply-and-demand graph and assuming competitive markets, show and explain the effect on equilibrium price and quantity of the following: A technological change that

Using a supply-and-demand graph and assuming competitive markets, show and explain the effect on equilibrium price and quantity of the following:

  • A technological change that reduces the cost of producing X-rays on the market for physician clinic services.
  • Increased graduations of new doctors on the market for physician services.
  • The virtual elimination of smoking in the population on the market for hospital services.
  • A price ceiling placed on physician fees in the market for physician services.

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