Multiple Choice
The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
A) the supply curve for cupcakes is downward sloping.
B) the elasticity of supply of cupcakes is relatively high.
C) the elasticity of supply of cupcakes is relatively low.
D) cupcakes are a normal good.
Correct Answer:
Verified
Correct Answer:
Verified
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