Explain equilibrium price of coffee mugs rose sharply, Microeconomics

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Explain equilibrium price of coffee mugs rose sharply

The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain the situation. Which explanations could be right? Explain your logic.

BILLY: Demand increases, but supply was totally inelastic.
MARIAN: Supply increased, but so did demand.
VALERIE: Supply decreased, but demand was totally inelastic.

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Microeconomics: Explain equilibrium price of coffee mugs rose sharply

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Microeconomics: Explain equilibrium price of coffee mugs rose sharply

Reference No:- TGS065673

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Ask an Expert for Answer!!

Microeconomics: Explain equilibrium price of coffee mugs rose sharply

Reference No:- TGS065673

Recent Questions Asked Microeconomics

Q : Prepare tiger''s statement of cash flows

Q : What would be south africa-s production and profit

Q : Asset acquired under the mid-quarter convention

Q : Determine the average rate of return on the equipment

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