If the supply of a good is inelastic,
choose 2 answers
a)
a small increase in pri...
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If the supply of a good is inelastic,
choose 2 answers
a)
a small increase in price will lead producers to sharply increase their supply
b)
producers will increase their quantity supplied in response to sharp drops in the
market price
c)
producers have a diminishing marginal return of labor
d)
producers will not change their quantity supplied by much if the market price increases
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