Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU
-Refer to Table 3.5.3.Suppose that the price of a designer sport t-shirt is $6.The market has ________ leading to ________.
Definitions:
Prices
The monetary value assigned to goods and services in a market, dictating the exchange rate at which these can be traded.
Laspeyres Price Index
An index that measures the relative change in the price level of a fixed basket of goods and services over time, using the quantities purchased in the base period.
Paasche Price Index
An economic measure that calculates the change in the cost of acquiring a given basket of goods and services in the current year compared to a base year, using the current year's prices.
Laspeyres Index
A price index used to measure the relative change in the price of a fixed basket of goods and services over time, using the quantities of a base period.
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