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Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect

Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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persistent excess supply buyers to offer higher prices a sellers to offer lower prices
Transcribed Image Text:persistent excess supply buyers to offer higher prices a sellers to offer lower prices
Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect
Transcribed Image Text:Suppose the market for hamburgers is unregulated. That is, hamburger prices are free to adjust based on the forces of supply and demand. If a surplus exists in the hamburger market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect
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