Suppose that the demand for olive oil is highly inelastic, Business Economics

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Suppose that the demand for olive oil is highly inelastic

Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, you would expect a _____________ in the price of olive oil. a. Large increase. b. Small increase. c. Large decrease. d. Small decrease. e. No change.

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Business Economics: Suppose that the demand for olive oil is highly inelastic

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