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6. If all other factors are equal, what is likely to happen to the demand for a product if the price goes down? Why? Explain. (3-6 sentences. 3.0 points)7. Describe a real or made up but possible example of a product that went
through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (2-6 sentences. 3.0 points)