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| 4.Gene Bawerk, an economics professor, is lecturing on the factors that influence the price elasticity of demand. He makes the following assertions:Statement 1: For most goods, demand is more elastic in the long run than the short run.Statement 2: Demand for a good becomes more elastic when a close substitute for it becomes available on the market. With respect to Bawerk’s statements: A:A:only statement 1 is correct B:B:both are correct. C:C:only statement 2 is correct. |
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