Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
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No change in Supply
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Increase in Supply
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Decrease in Supply
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No change in Demand
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P* same, Q* same
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Increase in Demand
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Decrease in Demand
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