Learning Goal: I’m working on a economics question and need an explanation and answer to help me learn.
there is a matching question above that states: A. Increase in supply, B. Decrease in demand, C. Increase in supply, D. Decease in supply. The question are 1. Markers; the price of ink that goes in the rises. 2. Pens; the price of pencils rises. 3. Shirts (assume they are a normal good); a recession starts and so people have less income. 4. Shirts; a new production technology is discovered. 5. Excersice machines, fitness craze.
the following question is “look back at #1. suppose nothing else happens in each case except the change mentioned. What effect will these events have on the prices and quantities bought and sold”
I need the answer to #2
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