market clearing
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Discuss how each of the following will affect the market clearing price and quantity in each market. How does the supply and/or demand curves will shift in the following cases.
a. Incomes rise and the good is a normal good
b. The state of technology improves
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Solution Summary
This solution briefly defines market clearing and how it relates to supply and demand curves.
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a. The demand for a normal good will increase if income raises. This means the demand curve ...
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