Markets Link the World
In this video, we discuss how markets link people and places all over the world. We’ll take a look at production and consumption markets and, importantly, the role
In this video, we discuss how markets link people and places all over the world. We’ll take a look at production and consumption markets and, importantly, the role that prices play in it all. Following up on our example of a rose, we take a look at other global products such as the Apple iPhone. Where is the iPhone made? It’s produced by thousands of people all over the world, working in cooperation in order to make one product that many of us enjoy. Join us as we observe the invisible hand in action.
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Would it be possible to have discussion forum for practice questions? Or would it be possible to have explanation for answers?
For example, for question 'Given your prediction about the change in the price of paper, how would the price of pencils change? (Hint: are paper and pencils complements or substitutes?)', below is correct answer as per the validator:
"d. Fall, because demand would shift to the left.".
Paper & pencil complement each other. If price for a product increase as a result of high demand, it's complement demand increases & results in price. But I don't understand why validator says, pencil price decreases!!!