How will each affect equilibrium price and equilibrium quantity in a competitive market?

How will ea Show more Problem 2 For each supply and demand scenarios below answering the following questions: How will each affect equilibrium price and equilibrium quantity in a competitive market? Will price and quantity rise fall or be unchanged? Based on the magnitudes of the shifts will the answers be indeterminate? Provide an appropriate graph to illustrate each answer (this does not require use of Excel although you may use it). NOTE: this problem is separate from problem 1. Demand decreases and supply is constant (unchanged). Demand increases and supply increases. Supply decreases and demand is constant (unchanged). Supply increases and demand decreases. Demand increases and supply decreases. Demand decreases and supply decreases. Demand increases and supply is constant (unchanged). Note that constant means no shift while increases or decreases means a shift occurs. NOTE: Indeterminate just means uncertain that is it depends on how much the S and D curves shift. For example if S shifts up/left and D shifts down/left then the equilibrium quantity will definitely decrease but the equilibrium price might be high lower or the same as before. It all depends on which curve shifts more. Show less

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