Answered: ♫ Suppose p'(r) < at some r. Explain in…

♫ Suppose p'(r) < at some r. Explain in words why this does not happen in equilibrium and how residents at r respond to the inequality.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter33: Income, Income Distribution, And Poverty

Section: Chapter Questions

Problem 4E

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