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Changes in equilibrium price and equilibrium quantity

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Reference no: EM133130175

Assume that both the supply of ice creams and the demand for ice creams rise during a particular hot summer but that demand increases more rapidly than supply.

What can you conclude about changes in equilibrium price and equilibrium quantity? Sketch (with a Word chart or by hand and then take/insert a photo) your answer, indicating the shift of each curve.

Reference no: EM133130175

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