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Posted by on Sunday, February 11, 2007 at 10:00pm.

Utilizing market demand and market supply curves for spaghetti, help me illustrate the effect on equilibrium price and quantity of spaghetti for:

Increased worldwide demand for rice leads to an increase in the price of ride (which many see as an alt to spaghetti in preparing meals)

Increase in the price of rice and people will switch to spaghetti -- shift demand out.

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