Multiple Choice
Figure 16-3 
-Refer to the Figure 16-3.When would the economy move from c and 3 to e and 5?
Identify how changes in price affect total revenue depending on the elasticity
Understand the short-run and long-run adjustments in the market and their effects on elasticity
Describe the effects of taxes on market outcomes, including tax incidence and government revenue
Explain the role of advertising in influencing demand elasticity
Definitions:
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