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Canada (510,397)
Economics (1,617)
ECON 1BB3 (535)
Lecture

ECON 1BB3 SEPT 25.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Why is gasoline typically more expensive in the summer? Equilibrium Equilibrium price: The price for which Q = Q s d Equilibrium quantity: the quantity that corresponds to equilibrium price If Q > Q there is a surplus Stocks build up and firms decrease price until equilibrium is restored If Q < Q there is a shortage  Concerts are a good example of excess demand -the supply for seats at some point is fixed whereas apple can make more iPhone 5’s People line
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