An increase in price could occur due to a(n)
a. Increase in demand and no change in supply
b. Decrease in supply and no change in demand
c. An increase in demand and decrease in supply
d. All of the above
d
Economics
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Consumers are often somewhat insensitive to changes in the price of table salt because
A) the proportion of their budget spent on salt is very low. B) there are a considerable number of good substitutes for salt, in their opinion. C) they are not used to changes in the price of salt. D) salt is a necessity for a complete dining experience. E) all of the above reasons.
Economics
Define what is meant by the period known as the short run
What will be an ideal response?
Economics