Question
Suppose the demand curve for movie tickets has unitary price elasticity at equilibrium and the supply curve is perfectly price elastic (i.e. horizontal). At the
Suppose the demand curve for movie tickets has unitary price elasticity at equilibrium and the supply curve is perfectly price elastic (i.e. horizontal). At the current equilibrium, if 3 million tickets are being sold at a price of $5, what will be the new equilibrium quantity if Supply shifts upward by $1?
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Agricultural Economics
Authors: Evan Drummond, John Goodwin
3rd edition
136071929, 978-0136071921
