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This is my question I. TRUE OR FALSE (5 pts each). No points will be given without a short explanation of your answer. 1. All

This is my question

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I. TRUE OR FALSE (5 pts each). No points will be given without a short explanation of your answer. 1. All ordinary goods are also normal goods. 2. If demand is elastic at the current quantity sold, then an increase in quantity sold will result in an increase in total revenue. 3. A quantity subsidy of $1 per unit sold in a market would result in an increase in the equilibrium quantity bought/sold. 4. The substitution effect of a price change always makes the consumer increase their quantity demanded. 5. The production function y = $1 2 1/3 3/4 has increasing returns to scale for any positive c1 and r2

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