If the demands are elastic, should firms increase or reduce the price of the goods? Why? Whathappen if the demands are in-elastic?What are the key factors determining if the supply is elastic or in-elastic? Providing three factors and explain each of them with examples.What is the opportunity cost? Should individuals and nations specialise in producing goods or services for which they have comparative advantage or absolute advantage? Why?Does law of diminishing returns always hold at low production? Why? And why there turns will diminish eventually?
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