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1. Seller has ample time to adjust to price change.
2. Buyer's response to small price change is significant.
3. Buyers are faced with many options when deciding to make a purchase.
4. Sellers do not have much time to adjust to price change.
5. Buyers consider this item to be a necessity.
a. Elastic demand
b. Inelastic demand
c. Inelastic supply
d. Elastic supply
A market is nothing more or less than the locus of exchange, it is not of necessity a place, but easily buyers and sellers coming together for transactions. Transactions happen
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explain optimal use of variable input?
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
EXCEPTIONAL SUPPLY
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The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?
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