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Unformatted text preview: .. most did okay except for math problems or just forgetting to answer the question entirely. Question 5: Each part was worth 4 points. The most common problem here was the question about whether the price support that was actually below the market price would do anything to the equilibrium. It is important to note that a price support is only binding in one direction! The market is free to pull the price above the support if it wants to. Multiple Choices there was no partial credit here....
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This note was uploaded on 06/28/2009 for the course ARE 100A taught by Professor Constantine during the Winter '08 term at UC Davis.
- Winter '08