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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
need to get assignment on income effect and substuation effect how does increase in price of both comodity will affect the or show the new effect
What is the difference between decreasing marginal returns and negative marginal returns?
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