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We have developed three versions of the Supply and Demand model (so far), which vary according to what is exogenous and endogenous in the model.
We have developed three versions of the Supply and Demand model (so far), which vary according to what is exogenous and endogenous in the model. In this question, "Model 1" refers to the first model that we developed, "Model 2" refers to the second ("equilibrium") model, and "Model 3" refers to the last model. For each model, indicate which data are endogenous and exogenous. Question 3 options: Shifts in Supply and Demand curves. Initial position of Supply and Demand curves. Market price. Quantity traded. 1. Exogenous in all three models. 2. Exogenous in Models 1 and 2 but endogenous in Model 3. 3. Exogenous in Model 1 but endogenous in Models 2 and 3. 4. Endogenous in all three models
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