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A graphical description of what happens to the equilibrium price also equilibrium quantity when the household wage throughout the economy increases.

For the products shown in CAPITAL LETTERS. Indicate whether equilibrium price and equilibrium quantity would rise of fall, and why. Be specific in addressing both equilibrium price and quantity Before answering you may want to take a sheet of paper and sketch a supply or demand graph. In each case, make only one shift of either the supply or demand curve. Then note the change in equilibrium price and qu8antity.

Household income throughout the economy increase. NEW Furniture.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922585

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