A good tends to have a small price elasticity of demand if a. the good is a

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A good tends to have a small price elasticity of demand if

a. the good is a necessity.

b. there are many close substitutes.

c. the market is narrowly defined.

d. the long-run response is being measured.

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Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

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Question Posted: Jan 27, 2024 11:01 PM

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A good tends to have a small price elasticity of demand if a. the good is a

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Principles Of Microeconomics

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