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10 questions from this quiz
Responsiveness of Qs to price changes
1.51.51.5
Higher prices encourage more supply
Inelastic supply
Unit elastic (PES = 1) at all points
More spare capacity makes supply elastic
Perfectly inelastic (vertical curve)
+0.4+0.4+0.4
Elastic supply (PES > 1) at all points
Must wait for next growing season
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