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In: Economics

Draw a supply and demand diagram for the market for food. (a) If the Supply curve...

Draw a supply and demand diagram for the market for food.

(a) If the Supply curve is perfectly elastic, what happens to price and quantity when demand shifts?

(b) If the Demand curve is perfectly inelastic, what happens to price and quantity when supply shifts?

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Expert Solution

Rahul Sunny answered 8 months ago
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