In 1991, Rochester, New York, had a serious ice storm. Electric power was out in houses for
Question:
In 1991, Rochester, New York, had a serious ice storm. Electric power was out in houses for days. The demand for power generators increased dramatically. Yet the local merchants did not increase their prices, even though they could have sold the units for substantially higher prices. Why do you think the merchants adopted this policy?
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The merchants would have increased the price Given the inelastic demand the m...View the full answer
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Somshukla Chakraborty
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