Question: . Using graphs, explain what will happen to the equilibrium price and the equilibrium quantity of a product in a perfectly competitive market as a

. Using graphs, explain what will happen to the equilibrium price and the equilibrium quantity of a product in a perfectly competitive market as a result of each of the following scenarios: a. A rise in the number of buyers and a decrease in the cost of producing the product. b. Advances in the technology used to produce the product and a decrease in the price of a substitute.

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