Multiple Choice
At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A) 0.1; inelastic
B) 0.40; inelastic
C) 2.5; elastic
D) 1; unit elastic
Correct Answer:
Verified
Correct Answer:
Verified
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