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17. The price of candy bars sold from vending machines at the Duluth airport has increased by 50%. If the same number of cand
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17. Option C is correct. The higher prices at vending machine won't affect the prices of the other shops at the airport.

18. Option A is correct. It means when the change in price or any other factor has a big effect on the quantity consumers want to buy.

19. Option C is correct. Price elasticity of demand = % change in quantity demanded / % change in price

= 1/3 = 0.333.

20. Option C is correct. Inferior Good: A good when its demand falls due to the rise in the income of a consumer.

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