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Market Reason for Change Diagram Market Change in Movement Movement Change in
Change Surplus or Price along the Along the Quantity
Shortage? Demand Supply Curve
Increased Successful Advertising or change in Fashion. Market Increase Contraction Extension Increase
Demand Increase in Income (normal good). Shortage
Decrease in Income (inferior good).
Increase in price of Substitutes.
Reduction in price of Complements.
Decreased Decrease in Income (normal good). Market Decrease Extension Contraction Decrease
Demand Increase in Income (inferior good). Surplus
Decrease in price of Substitutes.
Increase in price of Complements.
Increased Reduced cost of production; Market Decrease Extension Contraction Increase
Supply o New technology Surplus
o Lower wages
New Raw Materials.
Reduction in Indirect Taxation.
Increased supply of a good in Joint Supply.
Reduced demand for a good with composite
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Decreased Increase cost of production, (higher wages). Market Increase Contraction Extension Decrease
Supply Exhaustion of Raw Materials. Shortage
Increased Indirect Taxation.
Reduced supply of a good in Joint Supply.
Increased demand for a good with composite