Sub: Economics Topic: Macro Economics
What happens to demand If the price of a good increases
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Answer the following questions.
1. If the price of a good increases, what happens to demand?
2. If the price of a good decreases, what happens to supply?
3. Does a change in price create curve shifts? Explain.
Complete the following matrix. An example is provided.
Event Market affected Shift in supply, Change in
by event demand, or both. equilibrium
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opens in Detroit