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Supply and demand

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Please look at the attached problem and help understand where everything goes.

Draw supply and demand for a product showing the equilibrium price and quantity. Illustrate what would happen if all the transactions costs of market were reduced. Generally, what is the impact of transactions costs on the operation of the marketplace?

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The solution draws a supply and demand for a product showing the equilibrium price and quantity.

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Please find my response below.

As is shown in the graph, with no transactions costs, the supply curve shifts towards the right. This means that with lower costs, suppliers supply more for the same price. As the same time, for ...

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