Consider the market for strawberries. Which of the following statements most likely applies to the strawberry market?
A) The income elasticity of demand for strawberries is negative.
B) The price elasticity of supply of strawberries is greater in the short run than in the long run.
C) The price elasticity of demand for strawberries is lower in the long run than in the short run.
D) The cross-price elasticity of demand for strawberries with respect to the price of raspberries is positive.
Correct Answer:
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