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Suppose that demand for a product falls, but prices are sticky. What is likely to happen to prices ...
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Suppose that demand for a product falls, but prices are sticky. What is likely to happen to prices ...
Suppose that demand for a product falls, but prices are sticky. What is likely to happen to prices and output in that market, in the short run?
Textbook
Survey of Economics: Principles, Applications and Tools
Edition:
6
th
Authors:
O'Sullivan, Sheffrin, Perez
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More solutions for this book are
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If prices are not flexible, they may not immediately adjust downward in response to the decrease in demand. So in the short run, prices may stay constant, and output might fall by more than would have happened if prices were flexible.
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