There are two reasons that some goods (toilet paper) are experiencing shortages (none available most of the time.) One reason is that stores don't want to look bad by raising prices dramatically in the face of the sudden, huge increase in demand. The other reason has to do with short run versus long run supply. Explain.
There are two reasons that some goods (toilet paper) are experiencing shortages (none available most of the time.) One reason is that stores don't want to look bad by raising prices dramatically in the face of the sudden, huge increase in demand. The other reason has to do with short run versus long run supply. Explain.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 20P
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