Under which of the following conditions will an increase in demand cause a relatively small increase in price?
A. If the shift of the demand curve is relatively small, the gap between the new demand and the old supply will be relatively small.
B. If there is highly elastic demand, consumers are very responsive to changes in price.
C. If there is highly elastic supply, producers are very responsive to changes in price.
D. All of these.
Answer: D
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