The Price of Tattoos. According to a market expert, tattooing in your city is a constant-cost industry. The initial equilibrium price is $24.
a. Arrows up or down: In the long run the wage of tattoo artists______ as industry output increases.
b. If the demand for tattoos doubles and stays at the higher level for three years, the price of tattoos three years from now will be $ _________.
c. Show the change in (b) using a supply-demand graph.