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110) In 1950, a phone call at a pay phone cost 5 cents and a first-class stamp cost 3 cents. Today, those prices are 50 cents and 49 cents respectively. What has happened to the price of each good relative to the other? What has happened to the price of each good relative to all other goods?

 

111) What information is provided by a demand curve? What variables are measured along the axes of the graph?

112) Explain how a market demand curve is constructed.

 

 

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