ECON MACRO (with ECON MACRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
ECON MACRO (with ECON MACRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
5th Edition
ISBN: 9781305659094
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 4, Problem 5.10P
To determine

The reason behind higher price under market shortage, some consumers paying that higher price and the point till where the firms will stop raising the prices further.

Concept Introduction:

Market shortage: When the supply is less in the market than the demand of the commodity, this excess demand or shortage in supply is known as market shortage.

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