51.
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its

52.
When demand is perfectly inelastic, an increase in price will result in

53.
The cost on one thing in terms of the alternative given up is known as

54.
When equilibrium price rises but equilibrium quantity remains unchanged, the cause is

55.
If demand is unitary elastic, a 25% increase in price will result in

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