Explain impacts of unlikely development on markets
Suppose the current equilibrium price for American cheese is $1.00 per pound. Suppose the French suddenly develop a preference for American cheese. Explain the impacts of this unlikely development on all the relevant markets.
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Henry works part-time on auto repairs and restoration projects. This year Henry was paid $5,400 for repairs he made to his neighbor's auto. Henry's neighbor promised to pay Henry another $2,200 in cash next year.
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Suppose the French suddenly develop a preference for American cheese. Explain the impacts of this unlikely development on all the relevant markets.
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