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  3. Study Set
    Microeconomics Study Set 31
  4. Exam
    Exam 6: Describing Supply and Demand: Elasticities
  5. Question
    Demonstrate Graphically and Explain Verbally the Impact on Price and Quantity
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Demonstrate Graphically and Explain Verbally the Impact on Price and Quantity

Question 24

Question 24

Essay

Demonstrate graphically and explain verbally the impact on price and quantity when supply decreases and demand is highly elastic.

Correct Answer:

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We can see that demand is highly elastic...

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