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The electric company in a city increased its prices by 15% five years ago. Over time more people have purchased efficient appliances or switched to
The electric company in a city increased its prices by 15% five years ago. Over time more people have purchased efficient appliances or switched to gas, and the demand of electricity in the long run has become more ________. Also in the long run the equilibrium quantity demanded has ________. Responses inelastic; decreased inelastic; decreased elastic; increased elastic; increased elastic; decreased
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