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At the beginning of the Covid19 pandemic, toilet paper became scarce and there were many cases of price gouging (rapid increases in prices). Which curve
At the beginning of the Covid19 pandemic, toilet paper became scarce and there were many cases of price gouging (rapid increases in prices). Which curve obeys the law of demand and most plausibly represents the demand for toilet right after the pandemic struck. $15 12 9 S 6 D3 3 D2 DI 0 1 2 3 4 5 6 7 Quantity O D1. O D2. O S. O D3.Suppose that when the average family income falls from $40,000 per year to $30,000 per year, the average family's purchase of toilet paper rises from 100 rolls to 103 rolls per year. The income elasticity of demand for toilet paper is O -0.10; Toilet paper is an inferior good, and the demand fortoilet paper is income inelastic. +0.10; Toilet paper is a normal good, and the demand for toilet paper is income elastic. +9.7; Toilet paper is a normal good, and the demand for toilet paper is income elastic. 000 -9.7; Toilet paper is an inferior good, and the demand for toilet paper is income inelastic
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