ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 5.10P
To determine
Reason behind raising the price in case of market shortage and why would consumer accept it?
Concept Introduction:
Market shortage refers to a situation in which quantity demanded of the good is greater than the quantity supplied.
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7. Prices and wages are considered ‘sticky’ if:
they do not fully adjust to changes in demand and supply.
their rates of increases and decrease are identical.
as prices increase, wages increase by the same percentage.
their rates of change are directly connected to rate of change in unemployment.
27-
Choose the statement that does not describe Microeconomics.
a.
The effect of increasing the money supply on inflation.
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The purchasing decisions that an individual consumer makes.
c.
All of these
d.
The effect of an increase in the Tax on cigarettes on cigarette sales
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QUESTION 2The internet and online social media in particular are giving people unprecedented ability to express their views and share information with others. On the other hand the truth of what people say online and the sheer volume of…
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