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Suppose that in a later market period, the quantities supplied in the table in Problem 3-1 are unchanged. The quantity demanded, however, has increased by 30 million at each price. Construct the resulting demand curve in the illustration you made for Problem 3-1. Is this an increase or a decrease in demand? What are the new equilibrium quantity and the new market price? Give two examples of changes in ceteris paribus conditions that might cause such a change.
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