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Suppose the demand for what you "sell" rises relative to the supply of what you sell. (Meaning the Supply Curve does not shift.)

a.How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?) Note: I am not asking you why demand may have increased.
b. What is the first thing you would do in response to the change in this market signal?
c. What might be the second thing you would do and why?
d. What may be the benefit or danger connected with your decision to respond to the change in events and how you could decrease the "danger" and increase the "benefit?"

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946889

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