Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 4.1, Problem 1ST
To determine
The need for a rationing device.
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Chapter 4 Solutions
Economics (MindTap Course List)
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- Fill in the blank At a price of $100, there would be excess , so we would expect the price to .arrow_forwardThe difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?arrow_forwardThere is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand as a cost-effective way to reduce the price?arrow_forward
- How would marginal utility and market demand be affected by a rise in the price of a contemporary good?arrow_forwardHow a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?arrow_forwardWhy do bars offer free peanuts?arrow_forward
- Annabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?arrow_forwardIf there exists a shortage in the market for snowmobiles, then the price of a snowmobile will?arrow_forwardSerious natural disasters like hurricanes and tornadoes cause widespread and extensive damage to buildings. As a result of a natural disaster, what would you expect to happen in the market for building supplies? Describearrow_forward
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