An increase in demand will have a ____ effect on price and a ____ effect on output when supply is relatively elastic. a. larger; smaller b. larger; larger c. smaller; larger d. smaller; smaller

An increase in demand will have a effect on price and a effect on output when supply is relatively elastic. a. larger; smaller b. larger; larger c. smaller; larger d. smaller; smaller

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 15RQ: If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on...

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An increase in demand will have a ____ effect on price and a ____ effect on output when supply is relatively elastic.
a. larger; smaller
b. larger; larger
c. smaller; larger
d. smaller; smaller

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