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Suppose that a consumer demand for the following goods turns out to be less than the producers anticipated, so that the goods already produced cannot
Suppose that a consumer demand for the following goods turns out to be less than the producers anticipated, so that the goods already produced cannot all be sold at current prices. What consequences would you predict in the case of each good? Would prices or production levels be likely to fall first? How long will the sequence of adjustments take? (a) Automobiles (b) Beef cattle (c) Secondary school teachers (d) Tomatoes
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