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Select the example below that could be categorized as own-price elasticity. When the price of colombiano coffee goes up, people purchase guatemalteco coffee instead. When
Select the example below that could be categorized as own-price elasticity.
- When the price of colombiano coffee goes up, people purchase guatemalteco coffee instead.
- When the price of gasoline goes up, people purchase fewer large vehicles.
- Tim's favorite brand of tools are marked down 50%, so he buys twice as many.
- Since Tanya got a new job, she was able to buy a new car and get rid of the old one.
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