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To be totally honest, im just going on what i remember about quasars, ill have a look at that and see if i can find a way for it to fit in. But from the top of my head, the absorption & emission lines will be shifted because they are drained of their energy somehow, and reemitted at a lower energy level, and hence redshifted, this is why i said that each photon is reduced by the same amount of energy, as this would give all those lines the illusion of being redshifted, while in actual fact they are being drained of their energy.
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