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When consumer income falls, the demand curve shifts to the left (decrease in demand) because of less consumer purchasing power.
When the price of a substitute falls, the demand curve shifts left because of the decrease in demand.
When a disease kills a bunch of cows, the supply curve shifts left because of decrease in supply
When corn price increases, the prices of steak increases with it. So the demand curve shifts right.2015-11-11supplyDemand.jpg
I need to re-correct part d Supply curve shifts left.. price increases and quantity decreases.
I reattach image.
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