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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

When a persown goes to the grocery store to buy food, there is no auctioneer calling out prices for bread, milk, and other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain your answer.

To determine

Effects of supply and demand in a market without auction.

Explanation

The supply and demand will work with a market even though it does not have an auctioneer. For example, in case of a market with an auctioneer, the auctioneer can rise or lower the price as and when he wants, based on demand by the participants...

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