1. Suppose the equilibrium price of accordions recently increased while the equilibrium quantity decreased. These changes were caused by a(n) (increase/decrease) in (supply/demand).
2. When demand decreases and the demand curve shifts to the left, the equilibrium price __________ (increases/ decreases) and the equilibrium quantity __________ (increases/decreases).
3. If a decrease in the price of drugs is accompanied by a decrease in quantity, the decrease in price was caused by a change in __________ (supply, demand). (Related to Application 6 on page 114.)
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