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3. Suppose you and your friends look up the prices and quantities of Ramen noodles consumed in the U.S. over the last 10 years.
3. Suppose you and your friends look up the prices and quantities of Ramen noodles consumed in the U.S. over the last 10 years. (See figure below.) Your friend Timmy claims this traces out the demand curve. Your friend Wahida claims this traces out the supply curve. Which, if either, is correct? Why? (Hint: What determines the price and quantity that actually prevails in a market?) Price Quantity
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
2nd edition
9780077493677, 78025516, 77493672, 9780077826482, 978-0078025518
