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    Exam 5: Elasticity: a Measure of Responsiveness
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    Suppose the Price Elasticity of Supply for Poker Chips Is
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Suppose the Price Elasticity of Supply for Poker Chips Is

Question 70

Question 70

Multiple Choice

Suppose the price elasticity of supply for poker chips is .7 and the price decreases by 30%.The quantity supplied will decrease by ________ %.


A) 25
B) 30
C) 15
D) 21

Correct Answer:

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