Quantity Quantity Price Demanded Supplied $10 200 500 8 240 470 6 370 420 4 390 390 2 410 310 In Exhibit 4-7, a 100 unit decrease in quantity demanded at every price level would cause the new equilibrium price to become: a. $6. b. $4. c. $8. d. $2.
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Step 1: The original equilibrium price is $4 because at this price, the quantity demanded (390) equals the quantity supplied (390). Show more…
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