If demand decreases AND supply increases, what happens toP ...
NOTE: On the test for this unit, but not on the AP MACRO test. Elasticity. Give three reasons why the demand for some goods are elastic and others are inelastic. In your response, define elasticity and inelasticity. (____/5) EXPLAIN how the total revenue test can be used to determine if a demand curve is elastic or inelastic. ( ____/5) ................
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