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Demand and Supply Curves and Market Equilibrium

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Illustrate the following with supply and/or demand curves:
a. The federal government "supports" the price of wheat by paying farmers not to plant wheat on some of
their land.
b. An increase in the price of chicken has an impact on the price of hamburger.
c. Incomes rise, shifting the demand for gasoline. Crude oil prices rise, shifting the supply of gasoline. At the new equilibrium, the quantity of gasoline sold is less than it was before. (Crude oil is used to produce gasoline.)

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Solution Summary

This solution shows three events that affect the demand and supply curves and market equilibrium