King Rat (gkr) wrote,
King Rat

Eco 200: turkeys

(individual) If the supply of turkeys in a particular November turned out to be unusually small, do you think a turkey shortage would result? Why or why not?

There would be a shortage of turkeys available at previous years' prices. However, there is no shortage as consumers will turn to (easily substitutable) alternatives such as ham as prices rise. All who were wanting to pay the going rate would get one, and by definition, there would be no shortage.

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