question archive Suppose that the own price elasticity of market demand for good 1 is -2
Suppose that the own price elasticity of market demand for good 1 is -2
Subject:MarketingPrice:2.88 Bought3
Suppose that the own price elasticity of market demand for good 1 is -2. Suppose that the supply of good 1 increases by 4%. Consumer incomes and the prices of all other goods remain the same.
What would we expect to happen to the price of good 1?
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