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17-04-2024
Business

Answered

The electric company in a city increased its prices by 15% five years ago. Over time more people have purchased efficient appliances or switched to gas, and the demand of electricity in the long run has become more . Also in the long run the equilibrium quantity demanded has .
1) Responses inelastic; decreased
2) inelastic; decreased
3) elastic; increased
4) elastic; decreased

Answer :

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