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The Pearl Exchange

Last updated over 2 years ago

4 questions

1

Question 1

1.

What happened to demand or supply of pearls when the virus hit?

1

Question 2

2.

What happened to price and quantity? Draw supply and demand curves, including new supply or demand curves if necessary.

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1

Question 3

3.

If the price stays at the original Eq, which would be greater? QD or QS? Draw the shifted curves again, label Qd and Qs, and and circle the answer.

Question 4

4.

Who competed in this situation and affected the price?