Suppose there is a sudden increase in birth rate. The increase in population has raised the demand for shirts. At the same time due to fall in price of cotton, the supply of shirts has also increased. How will it affect the equilibrium price and equilibrium quantity of shirts?
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Answer:
the price of cotton shirts will increase with a decline in the shirts quantity
Explanation:
if the situation continues the cotton shirts will become expensive and only rich people could be able to buy them
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