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13 How shifts in demand and supply affect equilibrium Consider the market for pens Suppose that a ne

13 How shifts in demand and supply affect equilibrium

 

Consider the market for pens Suppose that a new educational study has proven that the practice of writing, erasing, and rewriting improves students’ ability to process information, leading parents to steer away from pen use in favor of pencils Moreover, the price of ink, an important input in pen production, has dropped considerably

On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens

 

 

Apr 27 2020 View more View Less

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