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ECON 110 ZIRLOTT TEST 2 QUESTIONS AND CORRECT ANSWERS If a good has an elastic demand, then when the price of the good rises CORRECT ANSW-the % change in quantity demanded will be greater than the % change in price what is the elasticity of supply of a good if a producer cannot easily change the quantity supplied of that good? CORRECT ANSW-inelasticity If Levi Jeans Co, raises the price of its jeans from $25 to $30 and finds that consumers decrease their quantity demanded from 75...

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