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Valid points, whether a shift in the demand curve results in a greater relative change in the equilibrium price or the equilibrium quantity depends on
Valid points, whether a shift in the demand curve results in a greater relative change in the equilibrium price or the equilibrium quantity depends on the shape of the supply curve. If the supply curve is fairly flat, or elastic, the change will be primarily in the equilibrium quantity (see Figure 6.6). An elastic supply curve means that a small change in price typically results in a greater response in the provided quantity. If the supply curve is fairly vertical, or inelastic, the change in equilibrium will be mostly seen as a price change
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