Begin with the respective market in equilibrium. Read each of the following situations, taking note of the
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Question:
- Begin with the respective market in equilibrium. Read each of the following situations, taking note of the market and the events that take place. Evaluate the impact on the market.
- Market: Peanut Butter (6 points)
Event: The price of jelly increases and a drought reduces the peanut crop.
- Market: Automobiles
Event: Consumers expect lower prices of automobiles in the future and new technology lowers automobile production costs. (6 points)
- Market: Automobiles
Event: Consumers expect higher auto loan interest rates in the future (6 points)
- Market: Urban Housing
Event: More people move into the urban area from the rural areas (6 points)
- Market: Delivery services
Event: Wages of delivery workers increase (6 points)
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