Multiple Choice
If the price of a good increases by 10 per cent and the quantity supplied increases by 5 per cent, then the elasticity of supply is
A) negative and supply is inelastic.
B) less than one and supply is inelastic.
C) greater than one and supply is elastic.
D) less than one and supply is elastic.
E) greater than one and supply is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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