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Consider the market for pretzels where the supply is very price elastic which means that Oa 10% percentage increase in price would lead to a greater percentage increase in quantity supplied Ca 15% decrease in price would lead to a smaller percentage increase in quantity supplied Ca 20% increase in price would lead to a smaller percentage decrease in quantity supplied of pretzels Da 15% decrease in price would lead to no percentage change in quantity supplied In the event of a decrease in demand, what is the likely change in market equilibrium? Oa large decrease in price and in quantity Da large decrease in price and small decrease in quantity Ca small decrease in price and large decrease in quantity Oa small decrease in price and quantiry

Consider the market for pretzels where the supply is very price elastic which means that Oa 10% percentage increase in price would lead to a greater percentage increase in quantity supplied Ca 15% decrease in price would lead to a smaller percentage increase in quantity supplied Ca 20% increase in price would lead to a smaller percentage decrease in quantity supplied of pretzels Da 15% decrease in price would lead to no percentage change in quantity supplied In the event of a decrease in demand, what is the likely change in market equilibrium? Oa large decrease in price and in quantity Da large decrease in price and small decrease in quantity Ca small decrease in price and large decrease in quantity Oa small decrease in price and quantiry

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the market for pretzels where the supply is very price elastic which means that Oa 10% percentage increase in price would lead to a greater percentage increase in quantity supplied Ca 15% decrease in price would lead to a smaller percentage increase in quantity supplied Ca 20% increase in price would lead to a smaller percentage decrease in quantity supplied of pretzels Da 15% decrease in price would lead to no percentage change in quantity supplied In the event of a decrease in demand, what is the likely change in market equilibrium? Oa large decrease in price and in quantity Da large decrease in price and small decrease in quantity Ca small decrease in price and large decrease in quantity Oa small decrease in price and quantiry
Transcribed Image Text:Consider the market for pretzels where the supply is very price elastic which means that Oa 10% percentage increase in price would lead to a greater percentage increase in quantity supplied Ca 15% decrease in price would lead to a smaller percentage increase in quantity supplied Ca 20% increase in price would lead to a smaller percentage decrease in quantity supplied of pretzels Da 15% decrease in price would lead to no percentage change in quantity supplied In the event of a decrease in demand, what is the likely change in market equilibrium? Oa large decrease in price and in quantity Da large decrease in price and small decrease in quantity Ca small decrease in price and large decrease in quantity Oa small decrease in price and quantiry
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