Multiple Choice
If the countries that export bauxite form a cartel to boost the price of bauxite in order to increase sales revenue, then they believe that the demand for bauxite
A) is inelastic with respect to price changes.
B) is elastic with respect to price changes.
C) will increase in response to a price increase.
D) will not change in response to a price change.
Correct Answer:
Verified
Correct Answer:
Verified
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