What happens to the equilibrium quantity

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Reference no: EM131245383

Consider the market for natural gas. Suppose that a new drilling technique is invented that allows for the economical extraction of resources that were currently uneconomical to extract.

1: Draw supply and demand graph showing the initial equilibrium, any supply and/or demand shift, and new equilibrium.

2: What happens to the equilibrium price?

3: What happens to the equilibrium quantity?

Reference no: EM131245383

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