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10 questions from this quiz
Sensitivity of quantity to price changes
Ed=0E_d = 0Ed=0
Cigarettes and alcohol
Total revenue remains constant
Ed=1.5E_d = 1.5Ed=1.5 (elastic demand)
Horizontal
Rock concert tickets (fixed venue size)
Growing fruit requires time
Inelastic demand (coefficient < 1)
Inelastic demand means buying continues
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