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What would happen to the short-run equilibrium price and quantity of magnesium if a major (economically large) magnesium mine had to close due to environmental regulation? Assume the supply is elastic...

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What would happen to the short-run equilibrium price and quantity of magnesium if a major (economically large) magnesium mine had to close due to environmental regulation? Assume the supply is elastic and demand is inelastic.

Answered Same Day Dec 21, 2021

Solution

Robert answered on Dec 21 2021
121 Votes
What would happen to the short-run equili
ium price and quantity of magnesium if a major
(economically large) magnesium mine had to close due to environmental regulation? Assume the
supply is elastic and demand is inelastic.
Answer:
Due to close down of a major (economically large)...
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