Chapter 4 - o shortage Chapter 5 Elasticity of Demand...

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Chapter 4 18/06/2007 13:01:00 Administered prices govt determined prices rather than market determined prices o govt determined prices are politically determined minimum price o price floor o price supports o producers wheat o surplus maximum price o price ceiling o consumers atm machine
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Unformatted text preview: o shortage Chapter 5 Elasticity of Demand 18/06/2007 13:01:00 not sensitive to price inelastic in demand o no substitutes cigarettes price of gasoline tires are sensitive to price elastic demand hamburgers 18/06/2007 13:01:00...
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Chapter 4 - o shortage Chapter 5 Elasticity of Demand...

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