Multiple Choice
As the price of beachfront cottages in Florida was raised from $400,000 to $500,000, their quantity supplied rose from 2,000 to 2,100. Rounding to the nearest tenth, the elasticity of supply of beachfront cottages is:
A) 0.4.
B) 0.2.
C) 1.0.
D) 4.6.
Correct Answer:
Verified
Correct Answer:
Verified
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