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You Are Told That a 5 Percent Increase in the Price

Question 165

Multiple Choice

You are told that a 5 percent increase in the price of a good increases the quantity supplied by 10 percent after one month.Supply of this good is ________.This good is most likely produced using productive resources that are ________.


A) inelastic;plentiful or easily obtained
B) decreasing;unique or rare
C) elastic;plentiful or easily obtained
D) unit elastic;unique or rare
E) elastic;unique or rare

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