If the magnitude of the elasticity of demand is less than 1 at the current price and the price of a major input to production falls resulting in an increase in the output, we would expect to see a drop in the[ Select ] ["consumption", "price", "production"]of the output good allowing for the[ Select ] ["input consumerers", "producer", "input producer", "Consumer"]to reap more of the benefits than the[ Select ] ["producer", "consumer", "population"] .

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