How the market adjusts to its new equilibrium

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Table 1 shows the demand and supply schedules for running shoes. What is the market equilibrium? If the price is $70 a pair, describe the situation in the market. Explain how market equilibrium is restored. If a rise in income increases the demand for running shoes by 100 pairs a day at each price, explain how the market adjusts to its new equilibrium.

Reference no: EM131298612

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