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If the demand curve shifts to the right due to increased consumer preference, what happens to the equilibrium price and quantity?
A government sets a price floor above the equilibrium price for milk. What is the likely outcome in the market?
If a new technology reduces production costs, causing the supply curve to shift right, what is the likely effect on the market?
What is the term used to describe the point where the supply and demand curves intersect on a graph?
In a market where both the supply and demand curves shift to the left, what can be said about the equilibrium price?
A new health study reveals that eating avocados significantly improves heart health. How will this affect the equilibrium price and quantity of avocados?
When both supply and demand curves shift to the right, what can be said about the equilibrium quantity?
When both supply and demand curves shift to the left, what can be said about the equilibrium price?
If the market price of a product is set above the equilibrium price, what is likely to occur, and how will the market adjust?
In microeconomics, what do the notations P* and Q* represent?