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Under perfect competition, a market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply,

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Under perfect competition, a market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply, but there is no change in market price. Explain with the help of a diagram how it is possible.

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The decrease in demand and supply is the same, and hence the price remain the same. Shows this by drawing appropriate diagram

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