Economics - Reflective Assessment 1

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QUESTION 5

Ceteris paribus, at the same time when the demand for yoga service has increased in Malaysia, the government of Malaysia introduced strict regulations resulting in a fall in the number of yoga service providers. Use demand and supply graphs illustrate and explain the impact on the equilibrium price and quantity in the market for yoga service? (HINT: There is more than one possible outcome). 3 Marks

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