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Consider Good Z and suppose: price elasticity of demand for Good Z = 0 . 8 1 4 2 price elasticity of supply for
Consider "Good Z and suppose:
price elasticity of demand for Good
price elasticity of supply for Good
income elasticity of demand for Good
cross price elasticity of demand for Good Z with respect to the price of Good
If the income of consumers of "Good Z were to increase, then in the market for "Good Z
A equilibrium price and equilibrium quantity would both increase.
B equilibrium price and equilibrium quantity would both decrease.
C equilibrium price would increase and equilibrium quantity would decrease.
D equilibrium price would decrease and equilibrium quantity would increase.
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