If supply is quite elastic, an increase in demand for output will:
a) increase equilibrium price substantially and increase equilibrium output substantially.
b) increase the equilibrium price substantially and increase equilibrium output slightly.
c) increase equilibrium price slightly and increase equilibrium output substantially.
d) increase the equilibrium price slightly and increase equilibrium output slightly.
e) not affect equilibrium price and output.
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Home » Business » If supply is quite elastic, an increase in demand for output will: a) increase equilibrium price substantially and increase equilibrium output substantially. b) increase the equilibrium price substantially and increase equilibrium output slightly.