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Social Studies, 04.06.2021 16:30 terrellsmith84
If the supply of a good is inelastic, .
producers will not change their quantity supplied by much even if the market price doubles
producers will increase their quantity supplied in response to sharp drops in the market price
producers have diminishing marginal returns of labor
a small increase in price will lead producers to sharply increase their quantity supplied
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If the supply of a good is inelastic, .
producers will not change their quantity supplied by much e...
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