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Using graphs,explain how the equilibrium price and quantity of laptops will change when:
a)the demand curve for laptops shifts right and the supply curve for laptops shifts left.The shift in the demand curve is greater than the shift in the supply curve.
b)both the demand and supply curves for laptops shift right by the same amount.
c)the demand curve for laptops shifts right without any change in the supply curve.
Monopoly
A market structure characterized by a single seller, selling a unique product in the market.
Market Size
The total volume of sales or potential sales for a product or service within a specific market.
Profit-maximizing
The method of modifying manufacturing and selling tactics to obtain the maximum profit achievable.
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