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What is a major difference between the short run and long run in terms of price elasticity of demand?
What is the rule of thumb for determining price elasticity from a demand curve?
What type of demand curve has an elasticity of 0?
What is an example of a product with perfectly inelastic demand?
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What is the main reason for the difference in price elasticity between the short run and long run?
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What is the characteristic of inelastic demand?
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What type of demand is characterized by a horizontal demand curve?
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What is the value of elasticity in a situation where the percentage change in quantity demanded is equal to the percentage change in price?
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What happens to revenue when there is a price increase in a situation of elastic demand?
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What is the shape of the demand curve in a situation of inelastic demand?
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What is the characteristic of a linear demand curve?
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What is the main determinant of which effect is bigger when the price of a product is increased?
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What happens to the revenue when the price of a product is increased and demand is elastic?
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What is the value of the price elasticity of demand when the percentage change in quantity demanded is greater than the percentage change in price?
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What happens to the revenue when the price of a product is increased and demand is inelastic?
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What is the relationship between the percentage change in quantity demanded and the percentage change in price when demand is inelastic?
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What is the formula for calculating revenue?
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Why is the price elasticity of supply often greater in the long run than in the short run?
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What is the elasticity of demand for illegal drugs due to?
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What is the result of interdiction policy on drug-related crime?
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What is the effect of education policy on the demand for drugs?
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What happens to total expenditure on insulin if pharmacies raise the price by 10% and demand is inelastic?
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What is the relationship between the total dollar value of drug-related crime and total expenditure on drugs?
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What is the result of education policy on drug-related crime?
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What happens to the total revenue of luxury cruise companies if the price of a luxury cruise falls by 20% and demand is elastic?
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What is the income elasticity of demand for a normal good?
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What happens to demand for a normal good when consumer income increases?
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What determines the direction of the change in expenditure when the price of a good increases?
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What is the relationship between the change in price and the change in quantity demanded if demand is inelastic?
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