Business, 17.03.2020 04:36 kdlishs

Explain what a sudden popularity of "Economics Professor" brand casual wear would likely do to prices of that brand. The increase in demand would lead to excess demand, which will lead to higher prices. The net result is a higher equilibrium price and quantity. The increase in demand would lead to an excess quantity demanded, which will lead to lower prices and an increase in supply. The result is a higher equilibrium quantity. The increase in demand would lead to an increase in supply and an increased quantity sold. The increase in demand would lead to excess demand, which will lead to lower prices and a higher quantity demanded.

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Explain what a sudden popularity of "Economics Professor" brand casual wear would likely do to price...