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The three steps for working with demand and supply graphs are:

  1. Identify the Curves: Determine the demand and supply curves on the graph, ensuring you understand their slopes—demand curves generally slope downwards while supply curves slope upwards.
  2. Determine Equilibrium: Find the equilibrium point where the demand and supply curves intersect, indicating the equilibrium price and quantity in the market.
  3. Analyze Shifts: Assess any factors that may cause shifts in the demand or supply curves, such as changes in consumer preferences or production costs, and illustrate these shifts on the graph to understand their impact on equilibrium.
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2mo ago

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Related Questions

What steps does the firm need to take to reconcile labor supply and labor demand?

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