Economics (MindTap Course List)
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Economics (MindTap Course List)
When speeding tickets were $100, usually 500 speeders were on the roads each month in a given city; when ticket prices were raised to $250, usually 215 speeders were on the roads in the city each month. Can you find any economics in this observation?
Identify if there is any economics in the given observation.
Yes. The given observation holds the law of demand. According to the law of demand, there is a negative relationship between the price and quantity demanded...
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