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Identify the correct statement from this list of statements about demand relationships

Economics

Identify the correct statement from this list of statements about demand relationships.

a. The demand curve is likely to be more inelastic if we make the time period longer between the price change and the point we measure the quantity response.

b. The demand curve for the individual firm is likely more elastic than the demand for the entire industry.

c. Firms selling "commodity"-type products (where their product is essentially identical to competitors) generally have quite steep demand curves.

d. None of the above is true.

Option 1

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