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lectur14-page55 - Demand becomes more sensitive to prices...

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55 Length of the Adjustment Period Price D Quantity Demanded per Unit of Time Long Run : Consumers have time to find suitable substitutes.
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Unformatted text preview: Demand becomes more sensitive to prices changes as time progresses, c.p. We say demand is relatively elastic....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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