_____ are the primary population group with poverty-level incomes in the USA

As new firms enter a competitive price-searcher market, it can be expected that

a. market price will increase. b. the output of existing firms will increase. c. profits of existing firms will increase. d. market demand should decrease. e. profits of existing firms will decrease

Which of the following would tend to INCREASE the elasticity of demand for good X?

A. a new product, Y, which can be used in place of X, is introduced. B. the percent of a consumer's income spent on good X declines. C. a new discovery allows firms to produce X at a much lower cost. D. both b and c E. all of the above