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Question
If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to ________ and the equilibrium quantity to ________, holding all else constant.
a. increase; increase
b. increase; decrease
c. decrease; decrease
d. decrease; increase
e. remain the same; remain the same
Answer
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Related questions
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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