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Unformatted text preview: ***No % = (0)*** (2) 2. (b)(i) Indicate on the diagram : price (P 1 ) is below the equilibrium price (1) rightward shift of the demand curve (1) excess demand increases from a to b (1) Verbal elaboration : Cross Harbour Tunnel is a substitute of Western Harbour Tunnel (1) demand for Cross Harbour Tunnel service increases (1) (with a fixed price,) excess demand for the Cross Harbour Tunnel service would increase (1)...
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This note was uploaded on 11/03/2011 for the course ECON 101 taught by Professor Buddin during the Spring '08 term at UCLA.
- Spring '08