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What will happen to the equilibrium price and quantity

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Reference no: EM132550321

Assume in a simple economic example that two changes occur at the same time in an economy which produces some good called "Good X". The first change that occurs is a decrease in the cost to produce "Good X". The second change that occurs is an increase in the number of consumers who purchase "Good X". Assume that this is a competitive market, what will happen to the equilibrium price and quantity of "Good X"?

Reference no: EM132550321

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