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Suppose the cross-price elasticity of demand for butter and margarine is equal to 0.96 but the cross-price elasticity for water and lemons is -0.13.This means that butter and margarine are _____,while water and lemons are _____.
Output Increased
A situation where the production of goods or services in an economy rises.
Purely Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
Short Run
A time period in which at least one factor of production is fixed, limiting the ability of a firm to adjust its output.
Automatic Market Adjustments
The self-regulating nature of the marketplace that responds to supply and demand changes to reach equilibrium without outside intervention.
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