Explain why do you think that the merchants adopted policy

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Reference no: EM1338219

Supply and Demand - Rochester Ice Storm

In 1991, Rochester, New York, had a serious ice storm. Electric power was out in houses for days. The demand for power generators increased dramatically. Yet the local merchants did not increase their prices, even though they could have sold the units for substantially higher prices. Why do you think that the merchants adopted this policy?

Reference no: EM1338219

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