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In Each of the Following Situations, List What Will Happen

question 239

Essay

In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.
a.The population increases and the price of inputs increase.
b.The price of a complement increases and technology advances.
c.The number of firms in the market increases and income increases.
d.Price is expected to increase in the future.
e.Consumer preference increases and the price of a substitute in production decreases.


Definitions:

Crossing-Over

Exchange of segments between non-sister chromatids of a bivalent during meiosis.

Chromatids

One of two identical halves of a duplicated chromosome, joined together by a centromere and separated during cell division.

Genetic Material

The molecules responsible for heredity and variation of organisms, primarily DNA or RNA in viruses.

Homologous Chromosomes

Pairs of chromosomes in a diploid organism that are similar in shape, size, and gene content, one inherited from each parent.

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