Consider the supply and demand for prescription contact lenses. Now a new technology is introduced, the Internet, which makes it possible for vendors (sellers) of contact lenses from all over the country to make their product available to consumers.
- How can we show the new situation by drawing demand and supply curves?
- Will the new equilibrium price be higher or lower than the old price?
- Will the new equilibrium quantity be higher or lower than the old quantity?
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