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Marija Vi?i?
on Nov 25, 2024

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The law of supply suggests that the price-elasticity of supply is

A) positive.
B) negative.
C) always greater than 1.
D) always less than 1.

Law of Supply

An economic principle stating that as the price of a good or service increases, the quantity supplied of that good or service also increases, all else being equal.

Price-Elasticity

A measure of the responsiveness of demand or supply of a good or service to changes in its price.

Supply

The total amount of a product or service that is available for purchase within a market.

  • Comprehend the principle of price elasticity in supply and demand dynamics.
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Djetnise MarseilleNov 27, 2024
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