Multiple Choice
If a 5 per cent change in the price of a good leads to a 10 per cent change in the quantity supplied, then the supply of the good is _______ and the elasticity of supply is _______.
A) inelastic; 0.5
B) elastic; 2.0
C) elastic; 0.5
D) inelastic; 2.0
Correct Answer:
Verified
Correct Answer:
Verified
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