b. Next, suppose that some unexpected events led to a price of p1 5 75, but the
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b. Next, suppose that some unexpected events led to a price of p1 5 75, but the underlying fundamentals—supply and demand curves—remain unchanged. If oil suppliers expect the price to remain at $75 in period 2, how much will they produce in period 2? What will the actual price p2 in period 2 be?
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Related Book For 
Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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