Supply and demand will affect the market-clearing price

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For the following situations determine how the offered changes to supply and demand will affect the market-clearing price and quantity of each good. Your possible answers are “increases”, “decreases”, and “uncertain/not enough information”. (e.g. “price: uncertain, quantity: increase”)

The supply and demand for pizza increase simultaneously.

The supply of widgets decreases while demand increases.

A binding price ceiling on doo-dads is imposed.

Illustrate each of the above situations with a supply and demand graph being sure to label the “before” price/quantity and the “after” price/quantity.

Reference no: EM131160591

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