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What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?
Microeconomics, Economics
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Question: Explain which factors would cause the IS curve to be steeper, and which would cause it to be flatter. When is the IS curve more likely to be steep - during recessions or booms? The response must be typed, singl ...
Question: In the case of a binding price ceiling, why is the price below the equilibrium price? Isn't it possible for suppliers to increase price (to hit the demand curve) at the quantity traded without losing consumers? ...
Question: What is the Peter Principle? Why does it occur and what are some of the consequences? What are some ways to avoid these undesirable outcomes (hint, in class we had three methods to resolve problems internal to ...
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