Microeconomics

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Addresses each of the following questions in APA format.

  1. Some economists believe that supply determines what happens to
    demand while others believe demand determines what happens to supply.
    Explain both sides with examples.
  2. The supply and demand for one product can affect the supply and demand for complementary items. Explain and give examples.
  3. The supply and demand for one product can affect the supply and demand for substitute items. Explain and give examples.
  4. What is “Elasticity?” Identify products which have an elastic
    demand. Identify products which have an inelastic demand. Identify
    products with a unitarily elastic demand. Explain what this means for
    all three.
  5. A lot of rules in Economics are based off of having perfect
    competition. What is this? What does it mean to have an imperfectly
    competitive market? Explain with examples.

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