General supply and demand analysis suggests that, in the short run, a decrease in demand causes the
Question:
a. Is the same assertion true (that decreases in demand cause prices to fall) in the long run?
b. Is it possible that a decrease in demand could actually cause prices to increase in the long run? If so, explain your reasoning.
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a Any difference between shortrun and longrun outcomes will be found in ...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-1464187025
2nd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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