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The wholesale pecan market is a perfectly competitive market. There are lots of different suppliers, and it's a highly standardized product. The demand and supply curves are relatively inelastic due to the craze for pecans during the holidays. The massive increase in pecans supplied causes the price per pound of pecans to decrease greatly...
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The wholesale pecan market is a perfectly competitive market. There are lots of different suppliers, and it's a highly standardized product. The demand and supply curves are relatively inelastic due to the craze for pecans during the holidays. The massive increase in pecans supplied causes the price per pound of pecans to decrease greatly...
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General points of the essay
Elasticity of Pecan Market
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