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When demand is price-inelastic, a change in price causes:

In the property market:

To continue in operation in the short run, a firm must cover its:

Marginal cost may be defined as being the cost of producing:

Costs and benefits which are outside the market system are known as:

To find the market supply curve:

The long run may be defined as:

In general, increased competition in an industry will tend to:

In perfect competition firms:

Normal profit is: