Elasticity and Incentives Answers

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A reward or punishment that encourges people to behave in a certain way is called a(n)

want.

price ceiling.

equilibrium price.

incentive.

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In economics, if a good is inelastic,

consumers have lost an interest in purchasing it.

producers have lost an interest in manufacturing it.

its supply or demand is too sensitive to price changes.

its supply or demand is not sensitive to price changes.

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