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Question
During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York?
a. They would both increase.
b. They would both decrease.
c. One would increase and one would decrease, but we dont know which would do what.
d. The price would increase and the quantity would decrease.
e. The price would decrease and the quantity would increase.
Answer
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Related questions
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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Q:
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