Business, 25.03.2020 23:32 brooklynpage3930
Vernon Smith tested the supply and demand model in the laboratory and found that:.
a. the buyers with the lowest willingness to pay bought the goods.
b. buyers and sellers quickly converged on the predicted equilibrium.
c. the model may work in real life, but it does not work in the laboratory.
d. the results were not consistent with competitive price theory, as he expected.
Answers: 3
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Business, 22.06.2019 09:40, nessross1018
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Vernon Smith tested the supply and demand model in the laboratory and found that:.
a. the buy...
a. the buy...
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