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Home Q & A Board Other Fields Homework Help Business Economics
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AndrewKraus AndrewKraus
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6 years ago
Suppose the equilibrium price and quantity of bicycles is determined at $40 and 200 units, respectively. For some reason, the market price of the bicycles initially increases to $60, and then decreases to $20. How will these deviations from the equilibrium price be corrected in a perfectly competitive market? Explain with the help of suitable diagrams.
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Microeconomics

Microeconomics


Edition: 1st
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SimplemanSimpleman
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AndrewKraus Author
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#2
6 years ago
I'll share this with my friends, thank you for being there
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