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Draw a supply and demand graph showing an equilibrium price of $50 and an equilibrium quantity of 200 units.Explain what would happen if the selling price was $75, and illustrate this on the graph.Explain what would happen if the selling price was $25, and illustrate this on the graph.Be sure to label each axis and curve on the graph.
Informational Power
A form of power stemming from the ability to control access to information and knowledge, which can influence others' actions and beliefs.
Legitimate Power
Power derived from a formal position or role in an organization, allowing one to influence others based on authority.
Expert Power
The ability to influence others based on the possession of knowledge, skills, or expertise that is recognized and valued.
Expectation-States Theory
A social theory that explains how individuals' expectations in a group setting influence the dynamics of status and influence within the group.
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