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Question: Assume that the elasticity of demand for some good is less than 1 in absolute value. If half of the available supply is destroyed its price will rise, as will the total amount consumers spend on it. Does this mean the economist's concept of value is worthless, because a smaller amount of the good is worth more than a larger one? Explain.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93110535

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