Multiple Choice
Suppose the price of real estate increases by 37.11% in Oakland next year. If the quantity of new homes supplied does not change, this means that the price elasticity of _____ will be perfectly _____ in Oakland next year.
A) demand; elastic
B) supply; inelastic
C) demand; inelastic
D) supply; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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