Multiple Choice
Suppose that the price elasticity of supply of lawn mowers is 1.5. If the price of lawn mowers rises 5 per cent, the quantity supplied of lawn mowers would
A) decline 7.5 per cent.
B) rise 7.5 per cent.
C) rise 1.5 per cent.
D) rise 0.3 per cent.
Correct Answer:
Verified
Correct Answer:
Verified
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