From the following quotations, what, if anything, can you conclude about elasticity of demand?
a. "Good weather resulted in record wheat harvests and sent wheat prices tumbling. The result has been disastrous for many wheat farmers."
b. "Ridership always went up when bus fares came down, but the increased patronage never was enough to prevent a decrease in overall revenue."
c. "As the price of cell phones fell, producers found their revenues soaring."
d. "Coffee to me is an essential good—I've just gotta have it no matter what the price."
e. "The soaring price of condominiums does little to curb the strong demand in Vancouver."

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HERE IT IS SAID THAT INCREASE IN SUPPLY OF WHEAT LED TO ... View the full answer