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The price elasticity of demand for an industry's demand curve is equal to -2.25 for the range of prices over which supply decreases. If total
The price elasticity of demand for an industry's demand curve is equal to -2.25 for the range of prices over which supply decreases. If total industry output is expected to decrease by 14 percent as a result of the supply decrease, managers in this industry should expect the market price of the good to _____ by _____ percent.
a increase;6.22
b increase;31.5
c decrease;6.22
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