What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
(A) The quantity sold will decrease by 15 percent.
(B) The quantity sold will increase by 10 percent.
(C) The quantity sold will decrease by 10 percent.
(D) The quantity sold will decrease by 5 percent.
Ans: (A) The quantity sold will decrease by 15 percent.
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Suppose the United States government is successful in reducing the flow of drugs into the United States. What impact does this have on the supply and demand curves for illegal drugs. a. supply decreases, demand is unaffected, and price increases
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