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If consumers only spend a small proportion of their income on a good, demand for that good will be highly price elastic.

A. 对
B. 错

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A good for which there are a large number of close substitutes will be highly price elastic.

A. 对
B. 错

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Supply is likely to be inelastic if firms have lots of spare capacity.

A. 对
B. 错

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Supply is likely to be more elastic in the short run than the long run.

A. 对
B. 错

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If the absolute value of the price elasticity of demand for dry white wine isgreater than one, a decrease in the price of all wine would result in:

A more than proportional decrease in the quantity of dry white wine purchased
B. A less than proportional decrease in the quantity of dry white wine purchased
C. A less than proportional increase in the quantity of dry white wine purchased
D. A more than proportional increase in the quantity of dry white wine purchased

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If consumers only spend a small proportion of their income on a good, demand for that good will be highly price elastic.

A. 对 B. 错

A good for which there are a large number of close substitutes will be highly price elastic.

Supply is likely to be inelastic if firms have lots of spare capacity.

Supply is likely to be more elastic in the short run than the long run.

If the absolute value of the price elasticity of demand for dry white wine isgreater than one, a decrease in the price of all wine would result in:

A. 对
B. 错