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Business, 29.10.2019 13:31 hunterl0513

If the supply of a good is inelastic,
a. producers will not change their quantity supplied by much if the market price doubles.
b. a small increase in price will lead producers to sharply increase their quantity supplied.
c. producers have diminishing marginal returns of labor. d. producers will increase their quantity supplied in response to sharp drops in the market price.

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If the supply of a good is inelastic,
a. producers will not change their quantity supplied by...
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