Unformatted text preview: What is the size of any surplus or shortage? Will this cause prices to rise, fall or stay the same? (2 points) d. Explain the process that would drive the market toward equilibrium. (3 points) e. If the price of bicycle helmets declined, explain what would happen in the market for bicycles. (1 point) 2. Complete the following textbook problems: pp 90-91, problems 1, 3 and 7. (10 points each)...
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This note was uploaded on 01/25/2012 for the course AS 195.603 taught by Professor C.b. during the Fall '11 term at Johns Hopkins.
- Fall '11