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Question: Build a theoretical model (a supply and demand diagram) and use the 3-step analysis to changes in equilibrium to predict the changes in the market equilibrium price for one of the above four periods as the events you identified in Part I occurred. 1. Explain how each curve shifted and how the equilibrium price and equilibrium quantity changed. 2. Compare those predictions with the actual price changes in the table. Do your model's predictions match the changes observed in the BLS data in Table 1?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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