Jackson, MS New York, NY P A P 4 S $500 S $100 D Records made by Robert Johnson, a blues artist from the 1930s, are prized by collectors. A cache of these records is discovered in Mississippi, Johnson's home state, and the increased supply pushes the equilibrium price of these records in the Jackson area to $100. In New York, however, these records are trading for $500 each. What do you expect to happen? Select one: O a. People will buy records in New York and sell them in Jackson. O b. Nothing. These markets are too far away from each other. O c. Rich New Yorkers will buy all the records. O d. People will buy records in Jackson and sell them in New York. Check

Jackson, MS New York, NY P A P 4 S $500 S $100 D Records made by Robert Johnson, a blues artist from the 1930s, are prized by collectors. A cache of these records is discovered in Mississippi, Johnson's home state, and the increased supply pushes the equilibrium price of these records in the Jackson area to $100. In New York, however, these records are trading for $500 each. What do you expect to happen? Select one: O a. People will buy records in New York and sell them in Jackson. O b. Nothing. These markets are too far away from each other. O c. Rich New Yorkers will buy all the records. O d. People will buy records in Jackson and sell them in New York. Check

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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