Assume 300 Billion Pounds of Ostrich Meat Is Produced Per

Multiple Choice

Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:

A) price elastic.
B) price inelastic.
C) income elastic.
D) income inelastic.