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Which of the following statements is correct? A) The law of demand is only relevant for perfectly competitive markets. 3) The cross-price elasticity of demand
Which of the following statements is correct? A) The law of demand is only relevant for perfectly competitive markets. 3) The cross-price elasticity of demand for inferior goods is always negative. C) In a perfectly competitive market with perfectly inelastic demand. the introduction of an ad-valorem tax will only affect the equilibrium price but not quantity. D) Opportunity costs only exist for durable goods
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