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The same rightward shift of the demand curve may produce

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1. The same rightward shift of the demand curve may produce a very small or a very large increase in quantity, depending on the slope of the supply curve. Explain this conclusion with diagrams.

2. In 1981, when regulations were holding the price of natural gas below its free-market level, then-Congressman Jack Kemp of New York said the following in an interview with The New York Times: “We need to decontrol natural gas, and get production of natural gas up to a higher level so we can bring down the price.”11 Evaluate the congressman’s statement.

Reference no: EM13321366

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