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Absolute price elasticities are calculated for four goods, and the values are: 0.009; 1.0; 3.5; and 4. Which indicates the most price-responsive situation?
Inorganic Fertilizer
Fertilizers made from synthetic, chemically produced compounds, commonly used to enhance plant growth and soil fertility.
Gross National Product
The total value of all goods and services produced by a country's residents and businesses, regardless of where the production takes place.
Agriculture
The science, art, and practice of cultivating soil, producing crops, and raising livestock.
Nonrenewable Fossil Fuel Energy
Energy sources like coal, oil, and natural gas that cannot be replenished in a short period and are extracted from the earth's crust.
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