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Question
If the price elasticity of supply is 1.5, we know that supply is
a. relatively elastic.
b. relatively inelastic.
c. perfectly inelastic.
d. unitary elastic.
e. perfectly elastic.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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