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| Suppose that the demand curve for soybeans shifts such that the equilibrium price of soybeans decreases 58%. At the new equilibrium price, the quantity that soybean suppliers are willing to provide decreases by 3%. Which of the following most accurately describes the respective elasticity of supply and relative elasticity for soybeans? A:+19.33; inelastic. B:+0.05; inelastic. C:?0.05; elastic. |
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