MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 6.1, Problem 6Q
To determine

Identify the elasticity of demand in the long run.

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Describe how the elasticity of demand behaves in the long run?
Is it the short-run or long-run industry supply that is perfectly elastic?
How is it possible for the elasticity of demand to change over time (in the long run)? Explain.
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