Equilibrium quantity in a competitive market

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How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain unchanged, or are the answers uncertain because they depend on the magnitudes of the shifts? Draw supply and demand to verify your answers for each scenario.

a. An increase in the number of firms causing a drop in the birthrate.

b. Advancements in the Android RAM and consumers are more interested in purchasing this.

c. Expecting the price of a product to increase.

Reference no: EM132166685

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