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aalyn [17]
4 years ago
7

Demand is said to be elastic if:

Business
1 answer:
Len [333]4 years ago
7 0

Answer:

d. buyers respond substantially to changes in the price of the good.

Elastic demand is when a change in price causes a higher percentage change in the demand of the good, so when buyers respond substantially to changes in price of good it means that the percentage change in the demand is more than the percentage change in price.

Explanation:

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Answer:

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For a monopolistically competitive firm, at the profit-maximizing quantity of output,
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