Price change, Microeconomics

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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


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