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In John Stossel's article, "In Praise of Price Gouging", Stossel argues that a law banning price gouging would result in a two-block line for gasoline after Superstorm Sandy.
a. Explain in words and using a graph why the ban on price gouging may cause a long line for gasoline. Label the axis and all the lines. Be precise.
b. Has supply changed, demand changed, or both? Explain.
c. Using two graphs, show consumer surplus before and after government intervention. Be precise. Label the axis and all the lines.
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Q. Explain about Employment Rate? Employment Rate: This measures share of working age adults who are in fact employed in a paying position. Employment rate can be a better in
the definition of exceptional supply curve
Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The
indiffference curve
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The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
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