Demand is more inelastic for an item which is a luxury as compared to an item which is a necessity.
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Q97: Related to the Economics in Practice on
Q98: When the slope of a demand curve
Q99: The more time that elapses, the
A) less
Q100: When demand is inelastic, a decrease in
Q101: An increase in demand caused no change
Q103: The income elasticity of demand
A) measures the
Q104: If the supply of oranges is unit
Q105: If the quantity of bagels demanded decreases
Q106: For perfectly price inelastic supply,
A) price is
Q107: Suppose a 10% increase in the price
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