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Problem
Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer discretionary incomes. Assume chocolate is a normal good, and the chocolate producers have identical cost structures.
a. What will happen to demand-shift right, shift left, no shift?
b. What will happen to profits for chocolate producers in the short run-increase, decrease, or no change?
c. What will happen to the short-run supply curve-increase, decrease, or no change?
d. What will happen to the long-run supply curve-increase, decrease, or no change?
List the way an economy can grow given the discussion in this chapter.
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The law of supply indicates that:
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Graph the demand and supply curves. What is the free-market equilibrium in this market? What area in your diagram represents this economic surplus?
1. aggregate expenditure what are the components of aggregate expenditure? in the model developed in this chapter which
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