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More than one million people travel by car from the suburbs to downtown Chicago each weekday. The commute using interstate highways (i.e. expressways and tollways) averages 90 minutes one way. Using side streets, the same commute takes only 60 minutes. Assume the length of travel time is all that matters to drivers. Does this represent an equilibrium condition? If so, explain why. If not, what change in driving behavior would result in an equilibrium condition? Why?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707548

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