Note from the table that when the professor announced that t

Note from the table that when the professor announced that the textbook would be required, the buyer value for each of the buyers increased by $8. According to the model of supply and demand, which statement best describes what happened to the equilibrium price and the reason why?

Solution

Demand for a commodity is determined by the utility and utility of a book incrased with the recommendation fo professor. To get more detailed answer, type table and given statements.