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Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. Figure 12.4
There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.
-Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector Y with a price of ________ and a quantity of ________.
Insects
A group of arthropods distinguished by having a body divided into three sections (head, thorax, abdomen), three sets of legs, complex eyes, and a single pair of antennae.
Invertebrates
Animals without a backbone, comprising a diverse group including insects, mollusks, and arachnids.
Vertebrates
Animals that have a backbone or spinal column, including fishes, amphibians, reptiles, birds, and mammals.
Filter
A device or process that removes impurities or separates particles from a liquid or gas.
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