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Because people can adapt to paying higher prices over time, the price elasticity of demand is lower in the long run than in the short run.
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Q22: Refer to Exhibit 1-3. Suppose John and
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Q83: According to the law of demand, the
Q96: If the quantity supplied of a good
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Q126: Firms are assumed to maximize<br>A)inputs.<br>B)profits.<br>C)wages.<br>D)output price.<br>E)output quantity.
Q172: The change in variable costs that results