Answered: Curling is a sport that involves…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Curling is a sport that involves sliding a granite
stone over a patch of ice. The Winter Olympics has
generated a lot of excitement about the fascinating sport of curling. As a result, demand for curling stones has increased. Curling stones are made
from blue Trefor granite. There are limited deposits
of blue Trefor, and other types of granite are poor
substitutes. If the increase in demand for curling
stones persists, do you expect the long-run equilibrium price to increase, decrease, or stay the same?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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