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Explain why the following statement is false: “In
the goods market, no buyer would be willing to pay
more than the equilibrium price.”
- Explain why the following statement is false: “In
the goods market, no seller would be willing to sell for
less than the equilibrium price.”
- Consider the demand for hamburgers. If the price
of a substitute good (for example, hot dogs) increases
and the price of a complement good (for example,
hamburger buns) increases, can you tell for sure what
will happen to the demand for hamburgers? Why or why
not? Illustrate your answer with a graph.
- How do you suppose the demographics of an aging
population of “Baby Boomers” in the United States will
affect the demand for milk? Justify your answer.
- Other than the demand for labor, what would be
another example of a “derived demand?”
