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1. Using supply and demand analysis explain what would happen in the market for SUVs if the relative price of gasoline increases. 2. How does
1. Using supply and demand analysis explain what would happen in the market for SUVs if the relative price of gasoline increases.
2. How does rent control on apartments distort the allocation of resources?
3. Using your knowledge of consumer and producer surplus, explain why economists say that competitive markets are efficient.
4. Using examples, explain the impact of externalities on the markets.
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