Essay
(A)If the demand curve shifted to the right, along which of the two curves would the equilibrium price increase the most?
(B)If the demand curve shifted to the left, along which of the two supply curves would the equilibrium quantity decrease the most?
(C)Which of the two supply curves would better represent supply in the short run?
(D)Of the two supply curves, which one would be considered the less elastic?
Correct Answer:
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(A)S1.
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Correct Answer:
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(B...
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