Multiple Choice
Suppose a firm in each of the two markets listed below were to increase its price by 15 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not?
A) cotton and soybeans
B) gasoline and corn
C) #2 lead pencils and college textbooks
D) electricity and cable television
Correct Answer:
Verified
Correct Answer:
Verified
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