Answer to Question #267172 in Economics for Happy

Question #267172

20. How does the price, quantity and total revenue at the equi librium change when: a) the demand increases and the supply is fixed, b) the supply decreases and the demand is perfectly elastic?

Expert's answer

a)

p\downarrow

Q\uparrow

TR\uparrow

b)

p =const

Q\downarrow

TR\downarrow

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