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9. Shifts in supply or demand II The following graph shows the market for cakes in Miami, where there are over 1,000 bakeries at any given moment. Suppose the price of flour, a major ingredient in cakes, suddenly increases. Show the effect of this change on the market for cakes by shiting one or both of the curves on the following graph, holding all else constant. Demand QUANTITY (Cakes)
Price 8 0 equilibrium price and quantity in the market for shoes.
PRICE (Dollars per pair of shoes)
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