Question 1 if a snowstorm was forecast for the next day, Ask an Expert

Economics

Question: 1. If a snowstorm was forecast for the next day, what would happen to the demand for snow shovels? Is this a change in quantity demanded or a change in demand? This shift in the demand curve would affect the price; would this cause a change in quantity supplied or a change in supply?

2. Economists often say that prices are a "rationing mechanism." If the supply of a good falls, how do prices "ration" these now-scarce goods in a competitive market?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92651747

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