Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario.
Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve.
Suggest how, under certain conditions, a perfectly competitive market is economically efficient.
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