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Prices & Markets (Microeconomics) Semester Tutorial Answers

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ECON1020 - Prices and Markets, RMIT University RMIT Prices and Markets (Microeconomics) Semester Guide Answers.

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Prices & Markets (Microeconomics) Semester Tutorial Answers
Topics this document covers:
Economy Economics Market Consumer theory Demand Pricing Electronic cigarettes Supply and demand Tariff Cigarette Economic surplus Tax
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Topics this document covers:
Economy Economics Market Consumer theory Demand Pricing Electronic cigarettes Supply and demand Tariff Cigarette Economic surplus Tax
Sample Text:
If laws that prohibit smoking in public places are enforced, there will be an affect on the quantity of cigarettes traded in the market. The effect that will occur will be a shift in the demand curve to the left. This law will cause this shift because consumers will be restricted from smoking in public, thus reducing the amount of cigarettes being consumed on a daily basis. This law encourages consumers to lessen their intake of cigarettes due to the limited space that is given to smokers to use this product. As a result, there will be a reduction in the quantity of cigarettes being traded in the market merely because consumers will feel threaten by the law enforcement officers and also because there will be a limited amount of areas where smoking is le...
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