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Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities suppose we observe
Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities
suppose we observe that when price of good decreases, total spending on the good rises. from this data we can infer
a) that the good is a normal good
b) that the good is an inferior good
c) that the good is elastically demanded
d) that the good has no close substitutes
e) that the good is inelastically demanded
Supply P1 Price Pz P3 Demand Quantity FIGURE 3-5Step by Step Solution
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