Elasticity of demand is a very useful concept for producers, __________.

farmers

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workers

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government

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all of the above

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Solution

The correct option is C all of the above
The concept of elasticity for demand is of great importance for determining prices of various factors of production
It is useful for farmer worker or government and who is involved in the production process

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Similar questions

Why is the demand curve facing a monopolistically competitive firm likely to be very elastic?

Elasticity of demand is different at different points of a demand curve, unless demand curve is a rectangular hyperbola.

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