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- What is the impact of a simultaneous increase of supply and a decrease in demand on the marketIf the demand for smartwatches are expected to increase and production costs are expected to decrease, what do you expect to happen to equilibrium price and quantity in the smartwatch market?Will consumers benefit with the price floor?
- Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur? A higher equilibrium point, because demand and price increased A lower equilibrium point, because the supply will increase A shortage, because the price is lower than equilibrium price A surplus, because the price is higher than equilibrium priceWhat is the price ceilings role in the market?What is the effect of a price ceiling on the quantity demanded of a product? what is the effect of a price ceiling on the quantity supplied? Why does a price ceiling cause a shortage?