When there is less stuff than people would like to have, it's called ______________________.              [ Choose ]             demand             inelastic             supply             surplus             scarcity             elastic             shortage            If the elasticity of supply is less than one, supply is ___________________.              [ Choose ]             demand             inelastic             supply             surplus             scarcity             elastic             shortage            A (binding) price floor causes a __________________.              [ Choose ]             demand             inelastic             supply             surplus             scarcity             elastic             shortage            A (binding) price ceiling causes a ___________________.              [ Choose ]             demand             inelastic             supply             surplus             scarcity             elastic             shortage            A per-unit tax will be paid by the side of the market whose curve is more __________________.              [ Choose ]             demand             inelastic             supply             surplus             scarcity             elastic             shortage

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A: Elastic demand is a condition in economics in which  the change in price leads to change in quantity…

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A: To find : Elasticity of supply.

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Q: 40 15 35 30 30 45 25 60 20 75 15 90 10 105 120 135 11. Using the schedule above, calculate the…

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