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Question
If consumers are not price sensitive in purchasing a consumer product such as Smucker's Jams, a 10% increase in the retail price of strawberry jam because of a 10% increase in the cost of strawberries from farmers will not affect demand for jam. Thus, the derived demand indicates that the demand for strawberries is:a. elastic
b. inelastic
c. unpredictable
d. unknown
e. none of the above
Answer
This answer is hidden. It contains 1 characters.
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