5. Characterize each of the following goods as perfectly elastic, relatively elastic, relatively inelastic, or perfectly inelastic.
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5. Characterize each of the following goods as perfectly elastic, relatively elastic, relatively inelastic, or perfectly inelastic.
a. a life-saving medication
b. photocopies at a copy shop, when all competing shops charge 10 cents per copy
c. a fast-food restaurant located in the food court of a shopping mall
d. the water bill you pay
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