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Suppose the market for pineapples is price-taking.An extreme weather event that destroys half of the industry output will increase the industry-wide revenue if: a. the
Suppose the market for pineapples is price-taking.An extreme weather event that destroys half of the industry output will increase the industry-wide revenue if:
a. the demand for pineapples is inelastic.
b. the demand for pineapples is elastic.
c. None of the above -- there is insufficient information to determine.
d. None of the above -- a poor harvest cannot improve the industry revenue.
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