1 The price to drive on a freeway is $0 at all times of the day. This...

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1 The price to drive on a freeway is $0 at all times of the day.

This price establishes equilibrium at 3 a.m. but is too low to establish equilibrium at 5 p.m. There is a shortage of freeway space at 5 p.m.

a. Graphically show and explain how carpooling may eliminate the shortage.

b. Graphically show and explain how building more freeways may eliminate the shortage.

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Microeconomics

ISBN: 9780324785494

9th Edition

Authors: Roger A. Arnold

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Question Posted: Nov 04, 2024 03:00 AM

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1 The price to drive on a freeway is $0 at all times of the day. This...

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Microeconomics

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