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Unformatted text preview: Parents bid up the price of the present, some parents drop out of the market x Factories increase production and ask higher price x Shortage eliminated price rationing At equilibrium there is no natural tendency for further adjustment. Page 38...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
- Fall '10
- Market Equilibrium