Are the following statements true or false? Explain.
a. The supply of new houses is more elastic in the short run than in the long run.
b. Following a rightward shift in a demand curve, demand will be less elastic at any given price.
c. Income elasticity will be positive for substitute goods.
d. Because the demand for potatoes is relatively inelastic, consumer expenditure on potatoes will increase with an increase in the price of potatoes.
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