suppose There is sudden increase in preference of chocolate but the cost of production rise due to the rise in the price of milk use a demand and supply model to determine the what happen to equilibrium price and quantity in the case
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Effect on price: The overall effect on price is more complicated. Higher postal worker labor compensation raises the cost of production, increasing the equilibrium price. ... More realistically, when an economic event causes demand or supply to shift, prices and quantities set off in the general direction of equilibrium.
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