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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price t$4.94
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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price t
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Course
Intermediate Microeconomics (ECS2601)
Institution
University Of South Africa (Unisa)
ECS2601 ASSIGNMENT 1 SEMESTER 2 2024
Assume that the current market price is below the market clearing level. We would expect:
a. upward pressure on the current market price.
b. downward pressure on the current market price.
c. no pressure for the price to change further.
d. a surplus to accum...
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a. invariably leads a consumer to buy more of good A, because the combination of unchanged money income and
lower price raises that consumer's real income or purchasing power.
b.
may lead to a larger, smaller, or even an unchanged quantity of good A demanded; it all depends on the nature of the
good itself.
c. creates a change in the good's relative price and, therefore, causes the consumer to substitute good A in place of
other goods.
d.
invariably leads a consumer to buy less of good A because the combination of unchanged money income and lower
price encourages that consumer to buy more of other goods.
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Assume that the current market price is below the market clearing level. We would expect:
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