![]() ![]() Now if at the price were to go slightly above that equilibrium price,what's going to happen? Well, if the price goes slightly above that equilibrium price, people are going to say, "Well, I can go by the American flags made in Taiwan, or even the ones made in America, or made in Mexico, or made some place else. And the quantity demanded, in thousands per year, it looks like it's about twenty five thousand flags are demanded per year. If the price - the price right now - the equilibrium price between where the supply and the demand intersect - the supply curve and the demand curve intersect - is right about seventy dollars per flag. ![]() ![]() And to think about this flag - think about it this way. So what I've done here - We're going to think about flags - the market for a certain type Let's think about how a tax on a product might affect it, if the demand for it is very, very, very elastic. ![]()
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