How have all the following been affected by COVID-19? Explain.
a. United States’ PPC (Will the curve shift inward and/or will we be operating at a point inside the curve?)
b. The supply and demand of toilet paper
i. What shifted more? What was the result on price and equilibrium quantity?
ii. How does the price elasticity of both demand and supply affect equilibrium price and quantity?
c. Market vs. command mix (Make sure to define each of these and discuss the US government’s reaction to the crisis.)
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